Tag: paypal

The company has now made its way into a growing category of single touch purchase services.

PayPal has now announced the rollout of its mobile payments service called One Touch, which provides smartphone and tablet users with a way to check out and pay for items while shopping on their devices, using a single touch of the device.

This type of checkout program has been very popular among online shoppers using traditional PCs.

Amazon has had a great deal of luck with its version of the one touch checkout process. Many credit the ease of purchasing with the online marketplace for its ability to take the top spot in smartphone based retail shopping. It is also believed that Apple will also soon be adding its own one touch mobile payments checkout process on iPhones. Beating it to the punch, however, is PayPal, which is hoping to lead the way in the next generation of shopping checkout transactions.

One Touch is its mobile payments service that will help to complete a purchase much more quickly and easily.

Among the most frustrating elements of the mobile commerce experience is in the checkout, which requires a customer to have to complete forms and use a tiny touchscreen keyboard to enter shipping and billing information. This can be time consuming and often requires a great deal of correction when incorrect information has been accidentally entered due to the nature of the keyboard.

The PayPal One Touch feature is meant to help to overcome that struggle by giving a consumer the ability to use his or her PayPal account to pay for products purchased over a smartphone or tablet with a single click. When the account has been linked with the device, that user can use a single touch to pay just as Amazon customers have been able to do on that website for many years.

The One Touch service from PayPal is being rolled out on retail mobile apps during its first wave. The mobile payments service will also soon become available on mobile and responsive retail websites. There are no additional fees for customers to use this service, and merchants are charged the same 2.9 percent fee, plus 30 cents.

Mobile payments are evolving and many banks may be in danger of getting left behind by consumers

The mobile payments space is evolving at a rapid pace and banks are struggling to keep up. Innovative mobile services appear to be launching on a daily basis and many of these services are changing the way people pay for products online and in the real world. Those finding the most success in this field are those outside of the financial service industry, but banks still have a chance to establish a stronger presence in the mobile commerce market.

Rapid adoption of mobile payment services highlights the slow progress banks have made

The rapid adoption of mobile commerce among consumers is pressuring banks to become more mobile-centric. Money transfers are becoming more common on mobile platforms and fewer people are relying on banks for their financial needs. Moreover, those participating in mobile commerce are making use of platforms developed by software firms and not those made by banks. Typically, the platforms developed by banks are seen as cumbersome and somewhat inconvenient to use regularly.

Many banks have an opportunity to engage mobile consumers through simple services

Banks have existed as the primary money service provider for years. As such, many people still look to banks for the financial institutions that they are and many have faith in their bank’s ability to provide attractive mobile services. Some banks have found success in engaging mobile consumers through the use of simple banking applications. These apps have served as a way for banks to expose themselves to the mobile spectrum and examine what mobile consumers are interested in and what types of services they do not like.

Some banks may have to emulate companies like PayPal that have had success in engaging a mobile audience

In order for traditional banks to remain relevant in a world where mobile technology is becoming a dominant force, they will have to find ways to mimic other financial service providers that have an overarching focus on the digital space. PayPal is a primary exemplar of what can be accomplished through an unconventional focus on the mobile space.