PayPal announced that PayPal Checkout with Smart Payment Buttons, a feature launched earlier this year in the U.S., will now roll out globally.
PayPal Checkout with Smart Payment Buttons gives consumers more choice in how they can pay and is designed to help drive conversions for businesses.
In addition, after launching PayPal Marketing Solutions in the U.S. late last year, the company is expanding the service to additional markets to help businesses better understand their customers and drive sales.
Benefits of PayPal Checkout
PayPal Checkout reduces the number of clicks or taps along the path to purchase, and according to PayPal has been shown 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, PayPal Checkout with Smart Payment Buttons enables a personalized checkout experience and dynamically presents the most relevant payment methods at checkout.
This includes PayPal, Venmo, PayPal Credit and now PayPal will roll start to roll out local alternative payment methods including 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.
This is in addition to the long enabled SEPA Direct Debit for customers in Germany.
Businesses selling across borders to customers in the above markets will be able to dynamically present relevant local wallets based on the customer’s location. More countries are expected to come online in the near future.
PayPal Checkout includes powerful conversion drivers like One Touch, which enables consumers to check out across millions of businesses without having to enter usernames, passwords, or payment information, once they’ve opted-in.
Through One Touch Acquisition, another feature of PayPal Checkout, shoppers can create accounts and set up payments with a business without having to type in all of their information, which is designed to help increase registration, conversion and repeat purchases.
PayPal Marketing Solutions
Businesses that have integrated with PayPal Checkout can also enable PayPal Marketing Solutions, to better understand their customers and help drive sales.
Smart Incentives, a feature of PayPal Marketing Solutions, enables businesses to engage with PayPal’s 250 million global active customer accounts at the beginning of their shopping journey.
With Smart Incentives, businesses can let consumers know at the point of entering a site that they can skip logging in at businesses that have One Touch enabled, get financing for their purchases with PayPal Credit, get return shipping costs refunded on eligible purchases with Return Shipping on Us and get purchase protection with PayPal Purchase Protection.
Shopper Insights, another feature of PayPal Marketing Solutions, gives businesses aggregated and anonymous insights into PayPal shoppers visiting their site so that they can see where their opportunities are. PayPal Marketing Solutions is live in the U.S. and is now beginning to roll out to additional global markets.
Global Digital Wallet
PayPal is aiming to be the most trusted global digitally wallet as more consumers are shifting to alternative payment methods.
Especially Asian consumers have embraced alternative payment methods, but the trend toward alternative payment methods is also high with younger consumers.
By combining various digital wallet and payment systems into one checkout, sellers can offer their buyers a simple and secure payment method with localized options.
Ultimately, this is good news for small and medium-sized sellers that are trying to compete on a global scale. Until now, only the very largest eCommerce companies had access to tools like this.
PayPal says it is part of their mission to democratize access to powerful commerce tools, and that is why the company is now enabling this for businesses of all sizes around the world.
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