January 13, 2016
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.