PayPal has launched One Touch, a mobile payments solution that lets consumers make payments in supported apps with a single touch. The service, PayPal says, is the “absolute fastest way to pay on any mobile device, across platforms, on all of your favourite apps” and will support credit and debit card payments as well as PayPal transactions.
One Touch lets merchant app developers using the Braintree v.zero SDK integrate PayPal payments so that customers can make purchases without having to enter user IDs, passwords and card numbers. Instead, purchases are completed with a single touch, although people can opt in and out of the service by app and choose any source of funding – PayPal balance, credit card or linked bank account – with each purchase.
„Typing in and remembering userIDs, passwords and card numbers will quickly become a thing of the past as one touch payments will be the magical experience that customers expect, turning shoppers into buyers and app downloads into active users.”, says Bill Ready, Braintree CEO.
Bill Ready says that more than half of all e-commerce shopping sessions come from mobile devices but checkout rates are far lower because of the hassle involved. The firm and its parent hope that their new offering will improve sale completions, giving them a lead in the fast growing in-app payments market.
„Despite more than half of all e-commerce shopping sessions coming from mobile devices, consumers convert or buy at a rate about two thirds less than desktop if checkout experiences aren’t mobile optimized. One Touch payments with PayPal is a tremendous leap forward in arming developers and innovators with the ability to deliver the mobile buying experiences that consumers now expect.”, considers Bill Ready.
The system is now open for developer beta with select merchants using the Braintree v.zero SDK in the US, with a wider rollout coming over the next few weeks. „While we’re making One Touch PayPal payments available in beta in the US today (August 19), we will be moving to general availability next month.”
The service has been widely expected since PayPal paid $800 million last year for Chicago-based Braintree. At the time, Braintree’s Venmo technology – out of which One Touch evolved – was cited as a major driving force behind the acquisition. One Touch was developed by PayPal and payment processor Braintree, which it acquired in 2013, and is due to be rolled out to more than 152 million PayPal app users in the coming weeks. The service promises a buying experience with literally one touch, eliminating the need for even logging in with a username and password.
For more details follow the link: https://www.braintreepayments.com/blog/one-touch
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”