PayPal, the leader in mobile payments, has just announced its newly developed mobile phone payment solution – Mobile Express Checkout. The application is a mobile version of PayPal’s Express Checkout service, which offers users the possibility to experience the same fast and safe transactions even on-the-go.

Here is what Bill Zielke, senior director of the merchant’s services, commented on the recent announcement: "We’ve had some great discussions with our merchants about mobile commerce and many of them have told us that while mobile is top of mind, getting into the game has proven difficult."

While the application is still in early stages, it will only be available for iPhone, Android 2.0 and higher devices. It seems that over the next few weeks, Mobile Express Checkout applications will be implemented by a few innovative retailers such as Nike and Buy.com. More will be included in the program later this summer.

Jeff Wisot, vice president of marketing at Buy.com, recently revealed a few details about Mobile Express Checkout, “We’re seeing a huge opportunity in mobile commerce right now. PayPal’s Mobile Express Checkout will allow us to enhance the convenient shopping experience for on-the-go customers.”

Highlights of Mobile Express Checkout include: one-stop payment service that allows merchants to sell to millions of mobile shoppers; quick deployment and integration to get merchants in the mobile game fast; a seamless customer experience which is especially important with smaller screens and keyboards – no cumbersome data entry, just a few clicks and customers are done; strong fraud detection.

More updates on the subject are expected from PayPal in the near future, as feedback is received. There's no information yet on whether or not the service will be available for free for PayPal customers or whether it will require a monthly fee.