PayPal readies NFC app for payments on Android devices

Considering all the activity of late, PayPal appears to be jumping into the deep end of the mobile payments space. The company is planning to launch a new application for Android devices later this summer that leverages near field communication technology to provide a peer-to-peer commerce offering.
The latest move comes on the heels of eBay Inc.’s (EBAY) $240 million acquisition of Zong last week. Two weeks prior to that, the eBay subsidiary revised its projected mobile revenue for this year to $3 billion.
“We’re seeing staggering growth in PayPal mobile payments, showing a real consumer desire for the way they shop and pay to catch up with the way we live,” Laura Chambers, senior director at PayPal Mobile, wrote in a blog post announcing the news. “But at PayPal, we’ve said all along that consumer behavior won’t change unless we’re able to offer an experience that’s truly better than what’s available today. We’ve been looking at NFC technology for a while and we saw a tremendous opportunity to combine the best of NFC and the best of PayPal.”
As demonstrated in the video below, the new Android widget can fulfill transactions by tapping two devices together.