PayPal has introduced a beta version of its Mobile Payments Library, with the aim of helping third party developers embed PayPal functionality into consumer handsets.
The Mobile Payments Library is an important element of the PayPal X global payments platform, which the company introduced to the developer community in November.
Announcing the roll out on the PayPal blog, Osama Bedier, VP of PayPal platform and emerging technology, explains: "Basically, the Mobile Payments Library is a quick and easy way to add checkout functionality for physical goods and services sold through the iPhone (other platforms are coming soon). And the best part is, developers don't have to worry about collecting and storing debit or credit card information. PayPal takes care of that for you. We think this will open up a whole new way to monetise iPhone applications and build profitable mobile commerce businesses with PayPal."
He says two start-ups are already building new apps on this technology: ShopSavvy - which will be integrating PayPal into its popular barcode-scanning app: and Shutterfly, which is using the Library to incorporate PayPal functionality into its Wink photostrip platform.
The Library beta is initially being made available to US developers, with overseas launches to follow in the near future.
"We're excited that mobile is really gaining traction," says Bedier. "Last year on Black Friday we saw a 643% jump in mobile payments compared to the year before. Cyber Monday 2009 was similarly dramatic: 732% more mobile payments than the year before."