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 Visa Checkout, which allows shoppers to store their payment
information without having to re-enter it every time they make a
purchase online, said 66 percent of its enrolled customers completed
their transactions after putting items in their shopping cart
compared to 49 percent of PayPal Holdings Inc's Express Checkout
customers.
The data was collated for Visa by retail analytics firm ComScore
Inc.
PayPal's online payment service offers a similar convenience by
allowing customers to log into their accounts on a merchant's
website.
Paypal has not seen this report yet, said Anuj Nayar, senior
director of platform, merchant and next gen commerce engagement.
Nayar said in addition to PayPal Express Checkout the company has
launched a new online payment service called PayPal One Touch, which
makes using PayPal faster on any device with a single touch.
"Initial reports indicate that One Touch radically improves checkout
conversion for merchants and time to checkout for consumers beyond
anything else available in the market today," he said.
Retailers and payment industry experts have often blamed the high
rates of unfinished online transactions, after shoppers add items to
their shopping carts, on the tiring process of re-entering payment
information every time one makes a purchase.
Online payment checkout services which are available on a retailer's
website make the payment process easier for customers. They also
give the service provider a slice of every transaction online; the
space has recently attracted companies including Apple Inc and
Amazon Inc.
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"What has become more and more pronounced is as the size of the
screen gets smaller, whether it's a tablet, mobile or a watch, the
less likely it becomes a consumer will finish his purchase," Sam
Shrauger, senior vice president of Visa's digital solutions, told
Reuters.
This is because entering numbers and letters on small keyboards is
inconvenient and prone to mistakes.
Shrauger said 60 percent of shoppers using a computer finish their
transactions compared to 45 percent of tablet users and 20 percent
of mobile shoppers.
Large U.S. retailers including Best Buy Co Inc, Barnes & Noble Inc
and Taco Bell have added Visa's payment service on their websites,
Shrauger said.
A year since launch, Visa Checkout has 6 million registered users.
PayPal has 169 million active customer accounts.
(Reporting by Nandita Bose in Chicago; Editing by Phil Berlowitz and
Cynthia Osterman)
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