PayPal $150K contest: Finalist has Indian connection
By Shalini Singh
Since its launch in 1995, Ebay has grown to become the world’s largest online marketplace with about 240 million members. At any given point in time, eBay has 26 million items for sale. Ebay purchased Bazee.com in 2000 to create Ebay India. EBay’s PayPal has just announced the results of its developers contest.
The PayPal Developers Challenge asked contestants to ‘create the most innovative payment app for businesses in areas such as services, social media, gaming, mobile and consumer electronics’.
The First Prize is $50,000 in cash and up to $50,000 in waived transaction fees when using PayPal. The second Prize was $25,000 in cash and up to $25,000 in waived transaction fees.
The first prize has been awarded to Rentalic which describes itself as “an innovative web platform that enables person-to-person renting & sharing between friends, family, and neighbors.”
The second prize has been awarded to Appbackr which describes itself as “the first wholesale digital marketplace in which developers can sell wholesale units of their iPhone applications to wholesale buyers (appbackrs) who profit when the retail units are sold at iTunes.”
There is a strong Indian connection to one of the finalists Chittai.com which pitched to take the multi billion dollar Indian Chit Fund on to the PayPal system. Chittai founder Ram Lakshmanan has written about how his mother-in-law Sigappi Alagappan runs Chit Funds in a village in India. Ram was very impressed about how Chit Funds had helped alleviate poverty in India as well as provide funds for small businesses to move to the next stage.
(Techgoss had published the following article on Nov 5, 2009)
PayPal: $150000 contest
By Shalini Singh
Since its launch in 1995, Ebay has grown to become the world’s largest online marketplace with about 240 million registered members from every corner of the world. At any given point in time, eBay has 26 million items for sale.
Ebay purchased Bazee.com in 2000 to create Ebay India. It says it has 2 million registered Indian users. Ebay owns online payment system PayPal which is used by tens of millions of people every day. PayPal has 78 million registered users.
Pay has just launched its X Developer Challenge with winners getting a total of $150,000. Indians can compete but for some reasons many European countries like France, Spain, Poland, Italy and Belgium are banned from this competition.
PayPal today 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 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.
Contestants must build their applications using the PayPal X application programming interfaces (APIs). The challenge: create the most innovative 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. To enter the PayPal X Developer Challenge, log on to www.x.com, read the contest rules, and start coding. 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.