Continuing on its newly laid out plans of tapping markets outside the US, Paypal has today announced the global launch of its “PayPal Checkout with Smart Payment Buttons” feature. This will also bring in the “One touch” payments feature, and certain region-specific faster checkout roll-outs.
The feature has already been live in the US (not really the target though, considering credit card dominance in the country) for the past three months. This was primarily done as a test bed of sorts, while more complicated regional roll-outs were being planned.
In addition, after launching PayPal Marketing Solutions in the U.S. late last year, the payments giant is beginning to roll it out to additional markets to help businesses better understand their customers and drive sales. More on this later.
So what does a business get when it uses PayPal Checkout ? Well, a lot of conversions as a first. According to a study by comScore which Paypal quotes, PayPal Checkout converted at 88.7 percent during checkout — 82 percent higher than a checkout without PayPal.
On the integration front as well, Paypal Checkout gives merchants an easy to embed code option, which has become a general norm among most digital payment gateway providers, thus signalling a much-needed move away from the traditionally complicated integrations. With one simple integration, PayPal Checkout with Smart Payment Buttons enables a personalized checkout experience and dynamically presents the most relevant payment methods at checkout.
This includes PayPal, Venmo[2], PayPal Credit[3] and now, we’re starting to roll out local alternative payment methods including iDEAL for customers in the Netherlands, Bancontact for customers in Belgium, MyBank for customers in Italy, Giropay for customers in Germany and EPS for customers in Austria.
Then comes ‘One touch’, which enables consumers to check out across millions of businesses without having to enter usernames, passwords, or payment information, once they’ve opted-in. Through One Touch Acquisition, shoppers can create accounts and set up payments with a business without having to type in all of their information, which is designed to help increase registration, conversion and repeat purchases.
Paypal, along with this global roll-out, is now also targeting businesses with its flexible marketing solutions. Smart Incentives, a feature of PayPal Marketing Solutions, enables businesses to engage with PayPal’s 250 million global active customer accounts at the beginning of their shopping journey. These marketing solutions provide a suite of services like Paypal credit (subject to T&C), One Touch among others. This is already live in the U.S. and is now beginning to roll out to additional global markets.
PayPal Checkout includes features like Purchase Protection and Seller Protection on eligible purchases[4], the ability to sell across contexts — like within social media feeds — as well as across borders, and enables customers to complete a purchase directly on a business’s website.
Here is an infographic, which details the entire process flow :
