It has three online payment services: the PayPal global payments platform, the Payflow Gateway company, and Bill Me Later.

According to a recent McKinsey report, the global payments market has the potential to reach $30 trillion.

For over a decade, PayPal has been a secure, global payments network for e-commerce and person-to-person transactions. Globally, it integrates 27 financial networks, 15,000 local banks, 190 markets and 19 currencies.

The company said several developers have already integrated its new APIs as part of a beta programme.

'Until now, developer innovation has been stifled by the barriers payment systems impose,' PayPal president Scott Thompson was quoted as saying in the statement.