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.
Samsung Pay is expanding into three new countries including Russia, and has partnered with Mastercard to introduce online payments.
Ingenico has developed a new solution that speeds up payments made on mobile devices by using their NFC technology to read cards' chips and auto-fill payment information on the payment page.
General Motors and IBM have partnered to create OnStar Go, a cognitive mobility platform for the automotive industry.
Starting from November, the Chinese mobile payments giant Alipay will be available to Chinese consumers in California and New York.