PayPal Launches PayPal X Developer Challenge

PayPal announced it has challenged developers to solve the fundamental problems people face when trying to pay or get paid.

With prizes totaling $75,000 in cash and $75,000 in waived fees, the company noted, the PayPal X Developer Challenge offers anyone with an idea the opportunity and seed capital to create a new business based on the PayPal open payments platform, PayPal X.

According to PayPal, contestants must build their applications using the PayPal X application programming interfaces (APIs). The challenge: create the most payment application for businesses in areas such as services, social media, gaming, mobile and consumer electronics.

The first and second prizes are $50,000 and $25,000 in cash, respectively, and $50,000 and $25,000 in waived PayPal transaction fees.

The deadline for final submissions is Feb. 1, 2010. The winners will be announced in March. Entries must include a link to a demo application and an accompanying video describing how it would work.

Finalists will be determined by vote on x.com and a panel of distinguished judges including eBay founder Pierre Omidyar; PayPal president Scott Thompson; general partner of Andreessen/Horowitz, Marc Andreessen; and Sequoia Capital's Roelof Botha, who will choose the top two prize winners.

More Information:

http://www.x.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

Related terms: consumer, electronics, media, president, programming, video