Techfast-growing payments industry, PayPal, PayPal Holdings Inc., online paying program, Touch, 4 billion payments
Aug 28, 2015 02:08 AM EDT
PayPal proves to be one of the leading players in the fast-growing payments industry as it sets to expand its One Touch program to 13 new markets in Europe and Australia, making check-out more convenient for online shoppers and merchants.
PayPal Holdings Inc., announced Tuesday about the expansion, saying that there are millions of consumers who had availed One Touch in the U.S., U.K., and Canada, with half of the top 100 online retailers in the world already using the app.
One Touch is an online paying program based on an app called Touch, which was originally created for Venmo. Touch is a button in checkout carts that allows users to pay for products without having to fill up billing information.
One Touch has made 50% conversion rate on PayPal. It will be the driving force on how merchants and consumers will deal with each others in the next ten years. Eligible merchants can avail One Touch without updating the information in their PayPal accounts.
It will assist PayPal's 152 million users, which will assist the company in taking advantage of the mobile commerce boom.
Notably, PayPal processed 4 billion payments for a total of $235 billion in 2014. Another important fact is that PayPal split from eBay last month, after being under the giant online retail store since 2002.
A smoother shopping experience is very important to online retailers, especially because they blame the tiring re-entering payment information process that leads to high rates of sales abandonment.
Also, more than half of online shopping happens on mobile, but only 10 to 15 percent converts into purchases.
"With One Touch, we're bridging the gap and creating better buying experiences for consumers, which in turn means higher conversions for merchants," according to PayPal's senior vice president Bill Ready.
He added, "If consumers can't check out in one touch or tap and instead have to do data entry on their mobile device they're far less likely to complete the transaction."