Tag: paypal

Both PayPal and Visa announced that the credit card service would soon be available to the platform’s merchants.

Visa and PayPal have both announced that Braintree mobile payments using merchants will soon have access to Visa Checkout. Braintree is PayPal’s payment processing company catering to online companies. Some of the more notable brands using these mobile payments include Uber, Pinterest, Airbnb and Evenbrite.

With Braintree, merchants can accept a spectrum of different types of online payment options.

The Braintree mobile payments platform lets merchants accept transactions by way of a mobile app, online and in-store. Soon, it will also include Visa Checkout as an option. In this way, Visa cardholders will be able to make a payment to these merchants using any connected device. Visa Checkout is already being used by several online merchants including Walgreens, Best Buy and Starbucks.

A statement from the credit card company pointed out that Visa Checkout will bring familiarity to Braintree mobile payments.

Visa senior vice president of digital solutions, Sam Shrauger, said “With the Visa card at the center of the payment experience, Visa Checkout brings familiarity and trust to digital shopping offered by Braintree’s customers — some of the most innovative merchants driving eCommerce and mCommerce today.” He also added that Visa is “thrilled” with their new partnership with Braintree and PayPal for improving the way credit cards work on any connected device.

Merchants in the United States will gain access to Visa Checkout through the Braintree SDK in early 2017. The seamless integration of that SDK makes it possible for merchants to enable new buying experiences and payment options. At the moment, there are 14 million consumer accounts with Visa Checkout as well as thousands of merchant accounts.

This new agreement between PayPal and Visa has arrived at a time when some of the heat has eased in the rivalry between the two companies. They announced a strategic partnership in July. That brought the largest global payment network together with the biggest digital payments network. With Braintree mobile payments there will be improved choice for consumers paying with PayPal accounts. The companies feel this is taking them both “on a new path.”

The mobile space is driving the evolution of commerce as a whole

It has been 10 years since PayPal launched its first mobile payments service. To celebrate the anniversary of the service, the company has released information to show its exponential growth over its long history. This information is visualized in a chart that was released by PayPal earlier this week. According to PayPal CEO Dan Schulman, the mass adoption of mobile commerce has created a significant shift in the way people spend money. This has begun to change the nature of commerce with consumers relying more heavily on the digital space.

$66 billion in mobile transactions were processed by PayPal in 2015

According to PayPal, one-third of the 4.9 billion payments processed by the company last year were made through mobile devices. This accounts for some $66 billion in mobile transactions. The company believes that the growing prominence of mobile payments services will lead to a change in the commerce space over the next decade. This change may accelerate as more businesses begin supporting mobile transactions and shoppers relying on their smartphones and tablets.

Global mobile payments could reach $4 trillion by 2020

In the United States, mobile commerce exceeded $100 billion in transactions in 2014. These transactions have continued to grow since, with more consumers becoming comfortable with the prospect of using mobile devices to make purchases. By 2020, mobile transactions could reach more than $4 trillion globally, according to IDC, a market research and analysis firm. With new payment services becoming more secure, more consumers are likely to participate in the mobile commerce space, giving PayPal and other companies new opportunities to expand their mobile initiatives.

Improved security makes consumers more comfortable with mobile commerce

Consumer adoption of mobile commerce has been heavily influenced by the security and convenience of payment services. Many had consider mobile transactions to be risky as they believed their financial information would be exposed to theft and exploitation. Indeed, some services have been impacted by major data breaches in the past, but these events have served to strengthen security in recent years, making mobile payments more attractive to consumers.