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PayPal's Most Successful Product In 2015
In an eventful year, one of PayPal's products stands out against the rest.
PayPal's "One Touch" is the company's most successful product in 2015. A user activates "One Touch" within his or her PayPal account. PayPal login info is securely stored on the user's device. The user's billing information is also stored. The user is now enabled to skip login and billing screens on PayPal compliant merchant sites, enabling a true "one touch" transaction.
Source: www.paypal.com The company claims that One Touch not only offers a "faster, simpler, more convenient" checkout method, it also works across any device and any platform: "whether in mobile apps, on the mobile web, or online across all foreign factors, OS platforms, and payment types."
PayPal recently released updated information on One Touch: 10 million users Across 23 countries 1.5 million One Touch transactions per week 1 million merchants
One Touch arrived at PayPal via an acquistion. The technology was developed by Braintree, which PayPal acquired in 2013 for $800 million in cash. One Touch is at the vanguard of one of PayPal's over-arching goals, to capture "100% share of checkout." Even getting close to this goal would mean many years of growth for the payments processing company.
One Touch is as attractive to merchants as it is to customers. According to PayPal Senior VP Bill Ready, One Touch increases conversion and engagement rates, and reduces shopping cart abandonment.
Make it as simple as possible for a secure transaction to process within the fewest number of clicks (one!), delighting the customer, and increasing the merchant's conversion rate. The Big Idea
In the words of PayPal CEO Dan Schulman: "Today, more than 50% of the IR 500 and over 1 million merchants around the world, from the largest like Home Depot, to the smallest, have One Touch enabled for their customers…and we are rapidly gaining consumer adoption." Source: Q3 2015 earnings conference call transcript.
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