Three years on from being acquired by PayPal, Braintree, a company which allows merchants to process a range of different payments, has revealed the number of its payment transactions has increased by 25 times.
The company says growth was down to digital innovations such as PayPal’s One Touch, the company’s one-click payment service that has 10 million users.
It also mentioned how last year’s sales volume topped $50 billion.
It also identified other reasons for success such as integration of payment methods such as Apple Pay on the web, an area of payments that is predicted to hit $8bn annually by 2018, a figure that is 15 times higher than the $540m estimated for this year. It also is working with PayPal Credit, and UnionPay.
Braintree says this is all part of their “commitment to letting merchants accept any way their customers want to pay”.
“Adding Venmo as a payment method was particularly exciting because we were able to turn a product already loved by millions, into a way for users to pay merchants as easily as they pay their friends — with the same social benefits that Venmo is known for.”
The company also emphasises its focus on social payments: working with Pinterest on its forays into commerce and ‘buyable’ pins and Facebook Messenger‘s own money transfer service. Its most recent addition, UnionPay, has unlocked the burgeoning Chinese market for its merchants.
PayPal CEO Dan Schulman is attempting to make good on his promise to better serve the unbanked.
The new feature appears closer to being fully functional than previous rumours had suggested.
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A Juniper Research report is predicting a 32% increase in mWallet payments in the next 12 months.