Today, wallet companies across the world are trying to provide convenience for their users. Wallet companies are trying to make the checkout process faster. Let’s Talk Payments has done a comparative study of PayPal’s (One Touch), MasterCard’s (MasterPass Checkout Service) and Visa’s (Visa Checkout).
PayPal’s One Touch:
- One Touch lets you skip entering your username, password and billing information when you check out on hundreds of thousands of sites.
- PayPal introduced the beta phase of One Touch in August 2014 for the mobile app in the US.
- The feature was built in collaboration with PayPal acquisition Braintree and is basically like a PayPal version of Braintree’s Venmo Touch product.
- In April 2015, PayPal launched One Touch for the Web and mobile in the US.
- In June 2015, it expanded to Canada.
- By August 2015, PayPal’s One Touch service had become available in 16 countries.
- By December 2015, it had become available in 23 countries.
- About 1 million merchants globally have enabled PayPal One Touch; more than 50% of the top 500 Internet retailers have enabled this service.
- There are more than 10 million consumers who have opted to use the PayPal One Touch service.
MasterCard’s MasterPass Checkout Service:
- The MasterPass Checkout service helps a user to checkout instantly by making fast payments in-store and online. It also helps in managing loyalty programs.
- MasterPass was introduced by MasterCard in 2013. Initially, it was introduced in Canada and Australia followed by the UK and the US.
- It partnered with several financial institutions, merchants and technology partners.
- By the end of 2014, MasterPass had expanded its footprint in 16 countries worldwide. Over 60,000 online merchants now accept MasterPass.
- MasterPass continued to tie up with financial institutions, merchants and technology partners.
- By the end of 2015, MasterPass had become available in 25 countries.
- There are more than 40 million users who use MasterPass and more than 250,000 merchants who accept it.
Visa’s Visa Checkout:
- Visa Checkout is a digital payment service designed to simplify the checkout experience using a secure, single sign-on across channels and devices.
- Visa Checkout was launched by Visa in 2014 in Australia, Canada and the United States.
- It partnered with several financial institutions, merchants.
- In February 2015, Visa announced that Visa Checkout will expand to 13 new countries.
- In February 2015, Visa announced that more than 3 million Visa Checkout accounts had been created.
- By December 2015, more than 7 million Visa Checkout accounts had been created.
- Payments via Visa Checkout can be done at more than 225,000 merchants. Around 350 financial institutions now support Visa Checkout.