On Tuesday, Visa announced more merchants including Dunkin’ Donuts and Pizza Hut will be joining Visa Checkout, its nascent online check-out service.
The checkout service launched less than a year ago and provides a fast check-out method in a bid to ensure a high buyer conversion rate. The service allows customers to store their shipping and billing payment information so they don’t have to enter it for every new transaction. Instead, they simply log-in with their username and password and click to purchase.
A report by comScore, commissioned by Visa, says that the Visa Checkout conversion rate from shopper to buyer is 69 per cent. It also found that people who use Visa’s checkout service were 66 per cent more likely to complete a transaction than people who used payment methods that involved entering information every time.
By the end of 2015 Visa says Visa Checkout will be active in 16 markets including Australia, Brazil and United Arab Emirates. Notably, one of the 16 markets is China, highlighting Visa’s expansion into the country since it relaxed its regulations on foreign companies.
The new merchants include the likes of Dunkin’ Donuts, Fandango, Sundance Catalog in the US, Pizza Hut and Ticketek in Australia, and Indigo, Roots, and Running Room in Canada.
“One of the biggest issues for online merchants is the cumbersome process of card data input that leads to consumer cart abandonment. Addressing this pain point for both merchants and consumers is crucial,” said Nick Holland, retail payments practice lead, Javelin Strategy & Research.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.
Digital challenger bank, N26, which has been live for one and a half years and has more than 200,000 customers, rolled out a new feature that allows its customers to transfer money using Siri. All they have to do is talk to it.