The payments giant has claimed that in six months since the launch of One Touch on web and mobile in the US, the company’s one-click payment service has racked up over 10 million users.
The service asks users to enter their personal and financial details just once with all following transactions being automatically authenticated with one click.
PayPal merchants in Australia, Austria, Belgium, Brazil, Canada, China, Denmark, France, Germany, Hong Kong, India, Italy, Netherlands, New Zealand, Norway, Poland, Russia, Spain, Sweden, Switzerland, Turkey, UK and US currently have access to One Touch.
The company said that over half of the Internet Retailer 500 and more than one million business around the world have One Touch enabled. The rate of shopping cart abandonment is a perennial headache for merchants and expeditious services such as One Touch or Visa Checkout have proliferated. In fact, in the summer Visa claimed that its service had higher conversion rates than PayPal showing that this is becoming a much more competitive market.
“One Touch is one of the biggest changes to online shopping since PayPal pioneered digital payments more than a decade ago. Unlike online checkout tools that require a login and password, once a customer opts in, One Touch authenticates customer credentials for up to 6 months,” said Bill Ready, SVP, global head of products and engineering at at PayPal.
“Now, people don’t need to even login to check out, saving customers time and enabling people to better use those spare moments in their day to order dinner or do their Christmas shopping in just seconds,” he added.
Booking travel arrangements online has never been faster, cheaper, or more convenient for consumers. The rise of smartphones in particular has resulted in an uplift in last minute bookings, and with the younger generation driving the digital shift, travel operators need to deploy mobile-first experiences, or run the risk of being left behind.
New research by UN-based Better Than Cash Alliance show that Alipay and WeChat Pay enabled a total of $2.9 trillion in digital payments in China last year.
The Second Payment Services Directive (PSD2) is a payments regulation in Europe, which is set to drastically impact the infrastructure for banks, fintechs and businesses using payments data by opening up access to third party providers.
For e-commerce marketplaces, user experience has long been a prime focus. From aesthetic quality to ease of use, UX plays a major role in determining whether consumers stick with the platform long-term or abandon it in favor of a competitor.