March 2, 2017Shopping cart abandonment and conversion continue to be an issue for mobile remote payments despite the increase in m-commerce sales that is migrating from Asia, across Europe and into North America. One-click shopping on mobile devices could accelerate that growth and, according to numbers from PayPal released this week, U.S. merchants agree. The company said 5 million merchant accounts have enabled One Touch and that 50 million of its users have opted in to the service since its launch in August 2014. According to PayPal COO Bill Ready, that makes it PayPal’s most rapidly adopted product ever. “Mobile now accounts for one-third of our overall payments,” Ready said. “Our growth in mobile volume is in large part due to our seamless mobile checkout experiences. Our two-sided network directly connects consumers and merchants of all sizes and enables product innovation such as One Touch, which helps eliminate the need to re-enter passwords each time to securely buy something online from whatever device they choose.” Ready said merchants offering One Touch—which includes three quarters of the Top 100 US online retailers—convert mobile sales at a rate of 87.5 percent. One-click solutions figure to proliferate as more consumers demand a more convenient m-commerce experience. Additionally, an important patent held by Amazon governing one-click online payment solutions is set to expire soon, perhaps opening the door for more competition and innovation.
Learn more about this topic at these CNP Expo Education Sessions in Orlando, FL from May 22-25, 2017.
- Mobile Payments: Opportunities and Challenges
- Optimizing Conversion Rates Through Payment Strategies