PayPal recently announced that the will be rolling out an easy to use, one-touch payment method across the web. Called ‘One Touch for Web’, the feature is an expansion of the companies’ previous attempts at mobile. It essentially enables customers to checkout items from a website without having to provide in their user ID and password again.
The conceptual idea was that with One Touch, a customer would not have to continually enter his/her username and password each time they wanted to pay using PayPal, but rather, the information would be stored and shared between supported apps.
The feature makes perfect sense for a mobile environment as entering in data fields on a smartphone, no matter what its screen size, is still a tiresome task when compared to performing the same action via desktop web.
To elaborate on the matter a bit more, Ready also noted that even though almost 50% of all e-commerce shopping experiences are carried on through mobile devices, only around 10 to 15% of purchases actually take place through mobile. The reason? It deals a lot with how complicated the checkout system on mobile is.
With regards to compatibility and implementation, the system will be automatically enabled for most of PayPal’s current merchants. A total of 165 million PayPal customers will be able take advantage of the new feature, and accordingly, PayPal’s net total payment rose 18% to $61 billion, and added 3.6 million new active accounts in the quarter.
The timing of the launch couldn’t be better. Rival payments platform Stripe has also stepped up their game and made serious advances in acquiring a large customer base of its own, and in some cases, away from PayPal. They now apparently process revenue annually for thousands of businesses, including well-known web brands such as Rackspace, Shopify, Reddit, Foursquare, Dailymotion among others. In addition, they’re also using Stripe Connect to empower companies such as like Lyft, Kickstarter, Indiegogo, TaskRabbit, Fancy and more. A large number of apps presently have integrated Stripe APIs and payment service, including Twitter and Facebook.
While PayPal’s OneTouch for Web will be implemented in the U.S. today, global expansion will take place in the coming months.