PayPal Unveils New Payment System For Virtual Goods Fully Integrated With Facebook

Online, October 29, 2010 (Newswire.com) - PayPal's new system offer clients a fee structure for micropayments at a pricing of 5 percent plus 5 cents for purchases under $12. According to the announcement made by PayPal, the fee structure will enable the company to stay competitive in the growing online payment market and in the digital goods industry. PayPal announced that the new service for micro payments is to be based on the fraud prevention engine previously developed by PayPal, ensuring protection of financial information.

"The decision to purchase digital goods and content usually happens on impulse, so the act of paying needs to be as quick as that impulse", a PayPal spokesperson said upon the announcing of the new service. The new payment method offers its clients not only a faster and more reliable service; it also comes with PayPal's competitive pricing.

At the second annual Innovate developer conference held by PayPal, Facebook Chief Operating Officer Sheryl Sandberg, announced that Facebook will integrate PayPal's new digital goods payment system to make it an integrated part of making purchases on Facebook. The new service will according to PayPal be easy to use and it solves a problem for the virtual goods industry, which have been lacking a safe, fast and reliable service for micropayments across the world.

PayPal is one of the leading payment methods for digital goods, with 90 million accounts in 190 markets around the world. The company closed out 2009 with $2 billion of total payment volume for digital goods and reached $1.3 billion in the first half of 2010. PayPal's payment system for digital goods will be available late fall this year.

PayPal an online payments and money transfer service founded in 1998. The company allows you to send money via email, phone, text message or Skype. PayPal offer products to both individuals and businesses alike, including online vendors, auction sites and corporate users. PayPal connects effortlessly to bank accounts and credit cards.