News Update: PayPal to launch "micropayment" product later this year

By the end of the year, eBay's (EBAY) PayPal unit is set to roll out a payment product by the end of the year that will help businesses collect "micropayments" for low-cost digital goods via the Web, the Associated Press reports. Scott Thompson, the president of PayPal, thinks customers will want to be able to buy items like a single article on a news Web site, and will make the plan work by compiling consumers' transactions.

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