PayPal said it converts shoppers into buyers better than other payment methods citing recent research. A comScore study found PayPal Checkout converts at 88.7 percent, which was 82 percent higher than a checkout without PayPal (including other digital wallets and cards) and 60 percent higher than other digital wallets.
ComScore studied conversion rates for PayPal and other payment methods based on the checkout options available for 20 merchants across industries in the fourth quarter of 2017.
Included in the study were transactions by comScore panelists making an online purchase using PayPal Mark, PayPal One Touch, or PayPal Express Checkout, compared to other payment methods including express checkout methods such as Visa Checkout, MasterPass, AmEx Express Checkout, Chase Pay and Apple Pay, as well as other payment types including Visa, MasterCard, American Express, Discover, Cash/Check, Private Label Store Card.
Press release follows:
The commerce landscape is rapidly evolving. As consumers spend an increasing amount of time shopping online and on mobile, we’re seeing commerce consolidate around larger ecommerce companies that offer simple mobile and online commerce experiences. Meanwhile, many retailers and small businesses are struggling to connect with customers that now primarily use mobile, as mobile oftentimes results in much lower conversion rates. At PayPal, we don’t believe that great online and mobile experiences are the exclusive domain of just the largest players. We’re working to democratize access to seamless mobile commerce tools and checkout solutions so that all businesses — large and small — can benefit from PayPal’s 237 million active customer accounts and provide their customers with the most simple and secure buying experiences.
Today, we’re excited to release the findings of a comScore conducted study that found that PayPal Checkout converts at 88.7 percent — 82 percent higher than a checkout without PayPal (including other digital wallets and cards) and 60 percent higher than other digital wallets. Other digital wallets measured in the study had a combined checkout conversion average of 55.3 percent, and when comScore incorporated all payment types they had a combined checkout conversion rate of 48.7 percent.
In addition to the study, PayPal released the findings of a new mobile-focused survey of consumers conducted by comScore that revealed the impact PayPal has in driving conversions on mobile:
– 52 percent of mobile customers made more online purchases/transactions because PayPal was offered as an option at checkout and 33 percent of mobile customers would not have completed the purchase if PayPal was not accepted.
– 99 percent of customers who have used PayPal One Touch gave it a rating of “Good” or better, with 91 percent giving it a rating of “Very Good” or “Excellent.”
– 55 percent of customers said they made more online purchases because of PayPal One Touch.
PayPal is unique in that it’s the only payments player that operates at scale, globally, on both the consumer and merchant side of the ecosystem with the ability to deliver great end-to-end buying experiences. Because of this, we’re able to offer experiences that others can not, and we can do so oftentimes without requiring merchants do any additional integration work. An example of this is One Touch, PayPal’s mobile and online checkout tool that enables consumers to checkout across millions of merchants without having to enter any usernames, passwords, payment or shipping information. One Touch is the most rapidly adopted product in PayPal’s history, and today, 92 million consumers have opted in to One Touch. 8.6 million merchants (and 78% of the Internet Retailer 100) have enabled One Touch — without having to do any additional integration work.
We are continually working to create and democratize the most seamless checkout experiences that enable consumers to quickly and securely get access to the things they want and need, and in turn drive sales for merchants.
SOURCE: PayPal Press release