At its PayPal X Innovate developer conference on Tuesday, PayPal announced a new micropayments system that will essentially facilitate the purchase of digital goods, initially in partnership with the Facebook social network.

Describing the new micropayments service - PayPal for Digital Goods - as the "online equivalent of dropping a quarter in the slot to buy a newspaper or play a videogame," PayPal said that the program will allow consumers to "pay for digital goods and content in as little as two clicks, without ever having to leave a publisher's game, news, music, video or media site."

According to the details shared by PayPal, the new PayPal for Digital Goods service - to become available later this year - will allow the over 500 million Facebook users and gamers to make a two-click purchase of digital goods, like FarmCash within Zynga on the Facebook platform.

Further adding that PayPal intends charging 5 cents plus 5 percent of the transaction for purchases below $12, PayPal said that the micropayments service is the company's new solution for the payments problem for the digital goods industry. The service will offer a notably speedier, safer and more cost-effective way to send as well as receive micropayments around the globe.

PayPal elaborated that each time a customer buys content, the payments to the publishers and merchants will be made quickly via the PayPal for Digital Goods service; thus giving them fast access to their funds.