Development: Money Exchange

This is a copy of the suggestion I sent to the management of my own company. Looks like an interesting development idea good for both the merchant (less costs) and the customer (more security).

I read an article last night, while waiting for rugby practice, in Wired Magazine regarding the changing face of money exchange (can’t find it posted online yet). It seemed an interesting development challenge/opportunity to address comments I’ve heard in our office discussing regarding credit card transactions.

It seems that Paypal has done a great deal of work to open their transaction system up to third party developers, looks like they call it “Paypal X”. The article mentioned that this system was gaining popularity even with larger companies not only with their customer interactions, but also business to business transactions. Because of increased efficiencies in the Paypal system, merchants are paying only 1/3rd of the prices previously given to credit cards; of course leaving more profit to the merchant.