SOURCE: Braintree

Braintree

February 21, 2012 10:13 ET

Braintree Develops Mobile Apps Payment Solution

CHICAGO, IL--(Marketwire - Feb 21, 2012) - Braintree has introduced the first and only set of tools for mobile app developers that enable e-commerce merchants to easily and securely accept payments within a mobile app, rather than through a web browser. Braintree (www.braintreepayments.com) is an online payments platform for developers that powers commerce for many of the fastest-growing and most discerning Web 2.0, social and mobile businesses in the world.

The free development libraries and example applications from Braintree help developers avoid PCI compliance issues by encrypting sensitive credit card data when it is entered by the user on their mobile device. The encrypted data is passed from the merchant's server to Braintree for processing, and only Braintree can decrypt the information using a private key, preventing the merchant from being exposed to sensitive credit card data. The libraries support both mobile phones as well as tablet devices running Android, iOS, and Windows Phone 7 operating systems.

"This is a big step forward for apps that accept payments," said Sam Shank, CEO of HotelTonight, the top-ranked hotel booking app for Apple and Android phones. "Braintree's free development libraries will be invaluable to companies wanting to offer a 100 percent mobile app that's capable of processing payments easily and securely for users."

With Braintree's approach, the customer entering the credit card information on the app is the last person to see it. Other mobile app payments solutions typically use a web browser masked as an app. This web view approach requires more network activity, which affects performance, and limits the merchant's ability to use the rich interface components native to the mobile platforms.

Braintree expects interest from mobile developers to be strong. "Braintree handles a tremendous amount of mobile payments volume today and these new client libraries solve a problem for mobile app developers who want to provide the simplest and most elegant purchasing experience for the customer, instead of using a web browser simulated to look like the app," said Bill Ready, CEO of Braintree. "Braintree continues to strive to be the best payments platform for developers and this is yet another step in that direction."

Braintree's client list reads like a Who's Who of influential technology companies, including LivingSocial, 37signals, OpenTable, Fab.com, GitHub, Airbnb, Heroku, Engine Yard, Animoto, Shopify and HotelTonight. Braintree is processing more than $4 billion in annual credit card volume and is adding more than 100 new merchants a month. Approximately 15 percent of Braintree's volume is international as Braintree supports 130 different currencies. Braintree's explosive growth earned it a spot on the 2011 Inc. 500 list as the nation's 47th fastest-growing private company and first in the online payments industry. Braintree attracted a $34 million Series A investment from Accel Partners in June 2011 after founder Bryan Johnson profitably bootstrapped the company for four years. Accel is one of the most respected venture firms in the world and has invested in such well-known companies as Facebook, Groupon, Dropbox and Rovio, the creator of Angry Birds.

About Braintree
Braintree helps online and mobile businesses process credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage. The company is disrupting the payments industry by providing elegant tools for developers coupled with white-glove support. Founded in 2007, Braintree works with the world's most discerning online merchants, including LivingSocial, 37signals, OpenTable and GitHub. The company is processing more than $4 billion in annual credit card volume from more than 2,000 merchants. Braintree was profitably bootstrapped for four years before accepting a $34 million investment from Accel Partners in 2011. Braintree ranked 47th in the 2011 Inc. 500. Visit us at www.braintreepayments.com and on Twitter @braintree.

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