PayPal is planning to open a payment platform to third-party developers with the release of new APIs (Application Programming Interfaces), that allow developers to embed PayPal’s secure global payment system into their applications and platforms.
The company has claimed that using the platform, developers can now create new ways to send and receive payments for services beyond traditional e-commerce. According to a recent McKinsey report, the global payments market represents a $30 trillion opportunity.
Scott Thompson, president of PayPal, said: “Until now, developer innovation has been stifled by the barriers payment systems impose. With an open platform, we’re solving fundamental challenges people face when trying to pay or get paid and giving people the tools to create new business models for their innovations.”
California-based Paypal offers online payment solutions with more than 153 million accounts worldwide.
