PayPal’s One Touch launched just nine months ago, and it’s already hit a noteworthy milestone.
PayPal’s latest figures, released today (Dec. 21), show that its One Touch now has 10 million users across 23 countries that use the tool designed to make checkout quicker and more secure online and on mobile without the user having to type in their payment credentials.
PayPal also noted that it is processing over 1.5 million One Touch transactions each week.
“It’s certainly one of the most rapidly adopted products in the history of PayPal, but it’s also one of the most rapidly adopted mobile payment products period,” explained PayPal’s Bill Ready, SVP and global head of product and engineering, in an interview with MPD CEO Karen Webster. “So we see good continuing momentum from that. But it’s a good milestone to cross.”
PayPal’s figures announced today also revealed that more than 50 percent of the Internet Retailer 500 and more than 1 million merchants around the world use One Touch. And because One Touch doesn’t take any extra steps on the consumer side — and it’s automatically enabled for merchants, Ready said the feature decreases shopping cart abandonment and increases conversion and engagement rates.
PayPal customers in Australia, Austria, Belgium, Brazil, Canada, China, Denmark, France, Germany, Hong Kong, India, Italy, the Netherlands, New Zealand, Norway, Poland, Russia, Spain, Sweden, Switzerland, Turkey, the U.K. and the U.S. currently have access to One Touch.
“One Touch is the biggest change to online shopping since PayPal pioneered digital payments more than a decade ago. Unlike new checkout tools that require a login and password, once a customer opts in, One Touch authenticates customer credentials for up to six months so that people don’t need to even login to checkout,” Ready said.