How to do the new PlayStore parallax effect

Google has recently announced Design support library and with this it has support for implementing Collapsing Toolbar.

In addition to pinning a view, you can use
app:layout_collapseMode="parallax" (and optionally
app:layout_collapseParallaxMultiplier="0.7" to set the parallax
multiplier) to implement parallax scrolling (say of a sibling
ImageView within the CollapsingToolbarLayout)

Example:

<android.support.design.widget.AppBarLayout
        android:layout_height="192dp"
        android:layout_width="match_parent">
    <android.support.design.widget.CollapsingToolbarLayout
            android:layout_width="match_parent"
            android:layout_height="match_parent"
            app:layout_scrollFlags="scroll|exitUntilCollapsed">
        <android.support.v7.widget.Toolbar
                android:layout_height="?attr/actionBarSize"
                android:layout_width="match_parent"
                app:layout_collapseMode="pin"/>
        </android.support.design.widget.CollapsingToolbarLayout>
</android.support.design.widget.AppBarLayout>