Enabling Technologies

A Comparison of 3 Biggest Digital Wallets Globally for 1-Click Checkout

MEDICIFounder and Chief Strategy & Innovation Officer

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).

Comparing 3 1touch checkout wallet

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.

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Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”