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PayPal Has 50M OneTouch Customers

The news is out, and, for PayPal’s OneTouch, the news is good.

“Today, we’re excited to announce that 50 million consumer accounts have opted in to OneTouch. OneTouch is the most rapidly adopted product in PayPal’s history and is clearly leading the industry in driving the adoption of digital and mobile payments,” noted PayPal’s Bill Ready in a statement released today.

Those latest figures come on top of PayPal’s latest quarterly figures being released. During the last three months of 2016, PayPal processed a little over $31 billion in mobile payments, a 53 percent increase since 2015. Paypal also reported that mobile accounts for one-third of all of payments processed by PayPal.

“Our growth in mobile volume is in large part due to our seamless mobile checkout experiences. Our two-sided network directly connects consumers and merchants of all sizes and enables product innovation such as OneTouch, which eliminates passwords and makes securely buying something as quick as a single touch,” Ready noted.

Apart from a surge in consumer accounts, PayPal also reports that over 5 million merchant accounts globally have had OneTouch enabled automatically without them having to do a thing, and it is now available at 75 percent of the top 100 online retailers in the US and 64 percent of the top 500. OneTouch also boasts an 87.5 percent conversion rate. Its next closest competitor clocks in at just 36.4 percent.

We’ll have more tomorrow on PayPal’s OneTouch, its expansion and what it means for the global commerce picture in general with PayPal’s COO Bill Ready. He and Karen Webster had an exclusive chat, and we’ll be digging into those figure and more. Tune in tomorrow at 7:30 a.m. Eastern Standard Time (same bat time, same bat channel).

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New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

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