PayPal is running a competition for developers to encourage use of the company's new Adaptive APIs.

The challenge is to use the PayPal X APIs to create an innovative payment application for businesses. The first prize is $50,000 in cash plus up to $50,000 in waived transaction fees. The second prize is $25,000 in cash plus up to $25,000 in waived transaction fees.

Competition judges include eBay founder Pierre Omidyar and Netscape co-founder Marc Andreessen, as well as a venture capitalist and the PayPal company president. More information and registration.

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Pierre Omidyar's charity foundation GlobalGiving is also running a competition for developers, called "Innovate for Good", in conjunction with eBay. Entrants should create applications with a high profile and big social impact using GlobalGiving and/or eBay APIs.

The prize is an all-expenses-paid trip to visit a GlobalGiving charity project anywhere in the world. Enter here.