PayPal has launched an initiative designed to drive higher usage of its payment services from startups by waiving up to $50,000 in transaction fees for the first 18 months.

Aside of waiving those fees, PayPal also said it will provide “dedicated support for developers” by working with companies such as 500Startups, Seedcamp and Elevator.

To qualify, the startups need to be working on Web or mobile software or services and must make less than $3 million in annual revenue or be less than five years old.

➤ PayPal Blueprint

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