On June 28, PayPal launched a new checkout technology for e-commerce sites that will dynamically provide each customer with the most appropriate payment method.
In other words, the retailer does not need to provide a bunch of payment options on the checkout page. PayPal Checkout’s new “smart payment” feature will update the display of the correct list of options for each customer based on the region.
This means that retailers can easily include a variety of alternative payment methods, such as local wallets, country-specific options, plus a PayPal channel.
This smart payment experience will also include PayPal’s own set of payment options, including PayPal, Venmo, and PayPal Credit, as well as credit card payment options.
The new product will also have a one-touch touch feature, meaning that online shoppers do not need to log in again after entering PayPal for the first time, by entering a username and password on each site they visit.
To use PayPal Checkout with Smart Services, current retailers do not have to reintegrate their Web site with PayPal Checkout and only need to perform a small update. After the update, they will receive aggregate and anonymous information about online customers, including conversion rates, used devices, and a set of suggestions to help increase conversion and loyalty.
PayPal’s update comes as technology giants Apple, Google, and Amazon compete more and more on online payments. Through the Safari browser on iOS devices and Macs, shoppers can pay with Apple Pay; at the same time, Google recently integrated all of its payment tools under the Google Pay brand, which also supports online retail checkout; and, Amazon only earns more sales through its One-Click platform, and usually requires the use of its own payment card or customer’s Amazon cash balance.
PayPal strongly promotes its ability to achieve higher conversion rates to ensure retailers continue to use its products.
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