Editors Note: PayPal Singapore will be holding their PayPal X Developer Open House event on March 18th 2009.

PayPal – the big behemoth of online payment is all set to change the way we pay. Will they be able to bring that change? We don’t know. How will they bring about change? Definitely, with the help of developers.  In July 2009, PayPal announced PayPal X, an initiative to provide 3rd party app developers with tools and opening up their API to integrate their payment systems into various web applications.

By opening up their system, they have provided much-needed flexibility to the payment ecosystem within the applications. In order to get more apps to migrate to their payment system, PayPal is holding a developer challenge which will incentivise more developers to use their flexible and easy-to-develop platform.

The PayPal X developer challenge is one of a kind contest, that rewards innovative apps using PayPal’s API. The first-prize winners will receive: US $50,000 cash + up to US $50,000 in waived transaction fees

And the second prize winners will be receiving US $25,000 + up to $25,000 in waived transaction fees

ZiYong, founder of StreamMedia is one of the finalists in the competition. His team has developed MoVend – an application that does inventory and payment management. Through this app, developers can sell virtual goods, subscription and licenses of their mobile application easily, without much hassle.

There are some other pretty cool apps as well like, PoxPay – an app where you can charge your account with your voice. PoxPay uses voice biometric technology to uniquely identify and authorize purchases or money transfers and to authorize a payment, PoxPay, we’ll place a call to your enrolled phone and ask you to repeat a series of digits. If your spoken words match the voice imprint on file, the payment will go through.

There are hordes of such  interesting applications among the finalists. Make sure you check it out and also, don’t forget to vote for your favorite one NOW!