PayPal launched the new PayPal Checkout with Smart Payment Buttons offering today. It is designed to boost conversions by presenting relevant payment methods, including PayPal, Venmo, PayPal Credit.
It also provides merchants with insights about their customers: Shopper Insights will give businesses aggregated and anonymous insights including: how many PayPal shoppers convert to buyers; what devices they are shopping with; and actionable recommendations on how to turn shoppers into buyers and customers into loyal patrons.
In the future, the new PayPal Checkout will include local alternative payment methods. For example: MyBank for customers in Italy, and Giropay for customers in Germany.
PayPal shared a video showing the new checkout experience.
At PayPal, we’re building solutions for global commerce to help consumers and businesses seamlessly connect across all contexts. For consumers, we’re helping people get simple, secure access to the things they want while giving them the power to pay the way they want. For businesses, we’re democratizing access to powerful digital commerce tools that had previously been available to only the very largest ecommerce players. As part of this mission, today, we’re excited to announce the new PayPal Checkout with Smart Payment Buttons.
PayPal Checkout is designed to reduce the number of clicks or taps along the path to purchase, and has been proven to drive the highest conversion rates across the industry. A recent comScore study found that PayPal Checkout* converted at 88.7 percent during checkout — 82 percent higher than a checkout without PayPal.
With one simple integration, the new PayPal Checkout will enable a personalized checkout experience and dynamically present the most relevant payment methods at checkout — including PayPal, Venmo, PayPal Credit and soon, local alternative payment methods. The new PayPal Checkout gives our customers even more choice and flexibility in how they pay and get paid, and includes the following features.
Smart Payment Buttons are checkout buttons that dynamically present the most relevant payment methods for each customer in each geography. This allows you to offer all the best ways to pay without cluttering your checkout with payment methods that may not always be relevant. Smart Payment Buttons include:
– PayPal with One Touch checkout: One Touch is PayPal’s mobile and online checkout tool that enables consumers to check out across millions of businesses without having to enter any usernames, passwords, payment or shipping information, once they’ve opted-in. One Touch is the most rapidly adopted product in PayPal’s history, and today, more than 96 million consumers have opted in to One Touch and more than 9 million businesses (and 79% of the Internet Retailer 100) have enabled One Touch — without having to do any additional integration work. According to a recent comScore survey, 55 percent of customers said they made more online purchases because of One Touch**.
– Pay with Venmo: PayPal Checkout, along with Braintree Direct, is the only place where businesses in the U.S. can offer Venmo as a payment method and reach millions of highly engaged millennial customers. Businesses can get exposure for their brands when Venmo customers choose to share their purchases on their Venmo social feeds.
– PayPal Credit: PayPal Checkout, along with Braintree Direct, is the only place where businesses can offer PayPal Credit — which can drive more purchases. A recent comScore study found that up to 53 percent of shoppers would not have made all of their purchases if PayPal Credit was not available, and on average, 21 percent of shoppers spent more online than they would have without PayPal Credit.***
– Local Alternative Payment Methods: Smart Payment Buttons also enable businesses to accept more payment types, including local wallets and funding sources, that are dynamically presented based on the shopper. Over the next few weeks, we will enable 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. In addition, we have long enabled SEPA Direct Debit for our customers in Germany. We expect to roll out many more local payment methods this year as we work toward enabling more choice for consumers and growth for businesses.
Shopper Insights give businesses aggregated and anonymous insights into PayPal shoppers visiting their site, including: how many PayPal shoppers convert to buyers; what devices they are shopping with; and actionable recommendations on how to turn shoppers into buyers and customers into loyal patrons.
One Touch Customer Acquisition makes it easier for businesses to get consumers to sign up for an account, as consumers can create accounts with a simple press of a button. When consumers are setting up accounts with businesses, such as for shopper loyalty programs, the consumer can instruct PayPal to provide relevant information to the business — including information like name, shipping address and phone number — for the purpose of creating an account with the business. This way, shoppers can seamlessly create accounts and set up payments with a business without having to type in all of their information, which can help to increase registration, conversion rates and repeat purchases for businesses.
Today, businesses like Aldo, Barnes & Noble and Soft Surroundings are already using the new PayPal Checkout with Smart Payment Buttons, and ecommerce platforms from Salesforce Commerce Cloud to Salucro have already enabled Smart Payment Buttons for their customers.
As always, PayPal Checkout includes features like Purchase Protection and Seller Protection on eligible purchases****, the ability to sell across contexts — like within social media feeds — as well as across borders, in-context checkout, so customers can complete a purchase directly on a business’s website, the ability to enable a One Touch checkout for customers, and access to PayPal’s 237 million active customer accounts.
We are constantly working to build the tools that will help businesses enable better experiences for their customers so they can more effectively compete, in turn, fostering a vibrant and thriving retail ecosystem. You can learn more about PayPal Checkout here and get started here.
*Source: comScore Online Payment Type: Conversion Analysis, Q4 2017. Analyzed shopping behavior at 20 large merchant sites across categories, utilizing its 1 million US consumer panel. “PayPal Checkout” includes PayPal Express Checkout, PayPal One Touch and the PayPal Mark. Checkout conversion is measured from the point when a consumer selects a payment type to completion of purchase within the same browsing session.
**Source: comScore Mobile Conversion Survey, Q1 2018, n=4,252 U.S. adult mobile shoppers.
***Source: comScore Consumer Survey about Online Financing, Q3 2017, n=2,112 US adults who have made an online purchase during the past 12 months.
****Limits apply. See applicable terms here and here.
SOURCE: PayPal Announcement