In a move that promises to streamline online shopping for both businesses and consumers, PayPal Holdings, Inc. (PYPL) and Global Payments Inc. (GPN) have expanded their long-standing partnership. This collaboration will bring enhanced PayPal and Venmo branded checkout solutions to U.S. merchants, including the integration of PayPal’s Fastlane technology for accelerated guest checkouts.
The heart of this initiative lies in improving the overall consumer shopping experience and driving higher conversion rates for businesses utilizing the platform. The partnership between Global Payments and PayPal spans over 15 years, during which they’ve jointly provided a wide array of payment solutions to millions of merchants across the globe.
Fastlane, a key component of this collaboration, leverages PayPal’s extensive payment expertise to revolutionize the guest checkout experience. It empowers customers to complete purchases with just one click, eliminating the need for lengthy form filling. This simplification, according to the companies, can lead to a remarkable boost in checkout conversion rates – nearly 50% – compared to traditional card payment methods. Additionally, Fastlane significantly reduces checkout time by over 28%, creating a more efficient and enjoyable shopping experience for consumers.
The positive impact of this partnership extends to both sides:
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For Merchants:
Streamlined checkouts, increased conversion rates, and expanded payment options contribute to a thriving e-commerce business.*
For Consumers:
Fast and secure checkouts, coupled with familiar and trusted brands like PayPal and Venmo, lead to a smoother and more enjoyable online shopping experience.Suzan Kereere, PayPal’s President of Global Markets, highlighted the significance of this partnership, stating, “This partnership demonstrates the velocity by which we’re innovating, and the impact we can have on transforming the checkout experience for consumers and merchants alike.”
Bob Cortopassi, President and Chief Operating Officer of Global Payments, echoed these sentiments, expressing, “We are delighted to expand our relationship with PayPal and integrate their new checkout solutions into our platform, enhancing the quality and quantity of payment choices offered to our merchant customers across the U.S. and helping them to maximize their ecommerce businesses.”
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As of Wednesday, PYPL shares were up 0.2% at $81.07.
