Paypal: $315M in daily payments plus new Facebook integration
PayPal has been integrating with Facebook for a while since the last year’ micropayments product announcement and Facebook credits purchase via PayPal. Today, a new deal between both of them will be revealed sooner in two-week times, most probably by Katis Burke Mitic (Platform Marketing leader at Facebook). In a recent announcement, Paypal says it has been processing $3,650 in Total Payment Volume every second in Q2 2011, in which the total is equivalent to $315.3 million in payments processed per day!
Robert Scoble, at 500 Startups Smash Summit in New York, has said that it would be a more expensive partnership than the existing PayPal-Facebook integrations. Thus, outsiders are excitedly guessing about the form and context of this new integration.
TechCrunch has written that it will be likely related to Paypal parent company, eBay Inc.’s new developer platform X.commerce. Besides, it also might be the linkage between eBay, PayPal, Magento and GSI Commerce in a new X.Commerce platform.
This new name, X.Commerce works as a ”fabric” that stitches a platform together to create fresh new experiences for retailers and their customers. So, probably Facebook will be part of the group partners in addition to Adobe and Kenshoo.
‘We’ve been talking for a while about how the four megatrends of mobile, social, local and digital will change commerce. Yesterday at f8, Facebook made some great announcements that will change social networking. When social and commerce joint together great things will be possible and developers will be able to monetize these new developments very quickly,’ commented by Naveed Anwar, head of X.Commerce Community.
We can roughly have a picture of how this integration will going to be, although eBay and PayPal does not provide the exact details. Other news that could be made would be some special exclusive deals via linking credit card account with Facebook. And, this deeper integration would be as a current add-on to help close the redemption loop.
More and more retailers are flocking to Facebook nowadays, and so online payment giant as PayPal would not want to miss out any potential money opportunity via Facebook social networking site.
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Category: Business
About the Author (Author Profile)
Kate is a freelance writer and business student. Passion in travel, reading and writing. Follow her on twitter @katejing.
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