PayPal’s single touch functionality, which is currently available on mobile devices and lets users make payments easily, will soon be available for online transactions as well.
The company hopes that the One Touch feature will encourage customers to complete the payment procedure when online shopping, rather than abandoning it because they find it too complicated, according to Reuters.
One Touch was introduced in August last year with the help of Braintree, which was earlier acquired by PayPal. If customers choose to use the PayPal payment option on a mobile device, all they have to do is hit the ‘buy’ button. This is assuming they have already entered their personal and card details when setting up the app and merchants offer the functionality on their site.
It is possible the online version attracts more customers because it doesn’t require the additional download of an app, just a PayPal account.
It is estimated that the value of abandoned merchandise is around $4 trillion and e-commerce research firm Baymard Institute says the rate of online shopping cart abandonment is 68 per cent.
In October it was reported that PayPal saw its volume of transactions on mobile devices grow by 72 per cent to $12 billion in the third quarter, ahead of its proposed split from parent eBay.
eBay argued an independent PayPal can better react to the fast-growing mobile and online payments market.