European payments processor PayLane has rolled out its first Android app known as PayLane Go, as part of its plan to garner major share of the attractive mobile payments market.

The web-based payments processor said that PayLane allows users to sell their product or service in any place without the need for a terminal, card reader, etc. They just require a smartphone to complete the transaction.

The payment processor said that the payment is entirety is finalized within the app itself, which can be downloaded for free.

Sellers will have to open a merchant account to use the new application to sell goods or services and to access the Merchant Panel, which offers an overview and controls over transactions.

PayLane charges a fee of 2.8% as well as €0.25 for each successful transaction.

After downloading the app, the sellers will have to add the products or services that they wants to sell. Once the payment is ready to be executed, the card number should be entered to confirm the purchase.

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The app is currently only available for download on Android devices. The company plans to release an iOS version of the app if this launch is successful.