PayPal was created almost 2 decades ago as a means for people to make online financial transactions. The online payment giant has been exploring numerous innovative ways to expand its reach. PayPal knows how innovation can only be as good as knowing how your customers think and behave. Today, PayPal is focusing more on mobile and how it can benefit its users.
The Interactive Advertising Bureau reports that 50% of shoppers in 2015 used their mobile devices to research for products they intended to purchase via mobile as well. However, the surprising fact is that only 16% actually bought something using their mobile device. PayPal’s Bill Ready says that this only shows a mobile shopping gap where users need to be enticed to purchase something via mobile.
PayPal Bolsters One Touch Payment Services
PayPal’s One Touch Payment platform was launched in 2015. It aims to increase mobile transactions and entice users to buy products via mobile. It has expanded its services that make it more convenient to pay using your smartphone without constantly entering your log-in details. PayPal estimates that One Touch will have more than 36 million customers this year, which is a 10 million increase from the previous year.
“One Touch will be used by more than 36 million consumers and 5 million merchants worldwide. It’s now available in 144 merchant markets and 200 consumer markets, having achieved global reach in 6 months.” says, Arnold Goldberg, PayPal VP of global merchant product and technology.
Can PayPal’s One Touch Help People During the Holiday Season?
PayPal is the most widely used platform when it comes to online transactions. It’s a favourite service among small business owners and freelance suppliers, but it has been annoying some of its customers by directing them to buy stuff with their PayPal funds and checking accounts. It’s more profitable for PayPal since it avoids credit card networks’ higher fees, yet it’s not favourable for shoppers who are looking to collect points and miles.
The great news is that PayPal’s One Touch service is integrating with Mastercard and Visa. This will enable customers to choose a pay option of credit card, debit card, or bank account. PayPal’s early Q4 One Touch/credit card solution aims to help users purchase products online or offline in the most convenient way. The good thing is that PayPal users can already rack up points when they buy something.
So do you think PayPal’s One Touch service can help you with your holiday shopping? It can help you purchase products faster via cashless transactions, but be sure to write down your holiday shopping list early.