PayPal’s Commerce: Rewind event was held on May 21st in San Francisco where the company announced new relationships, product experiences and strategies to be able to deliver faster, safer and provide more elegant buying experiences as it prepares to become an independent, public company. At the event, Dan Schulman, PayPal’s President and CEO Designee, shared his views on the sweeping technology trends that are revolutionizing financial services and his vision for the role that PayPal is playing in driving this transformation.
Several key announcements were made during the event highlighting PayPal’s focus areas for the path ahead. These announcements hint at how PayPal itself is undergoing transformation to further enhance its capabilities to keep up with the payments revolution. Here are some key announcements that were made during the event:
PayPal China Connect
According to research commissioned by PayPal in 2015, Chinese cross-border shoppers have an increasing appetite for a greater variety of authentic products and access to global brands. To address these customers, PayPal has launched PayPal China Connect, which will link Chinese consumers directly with PayPal’s network of global merchants. PayPal has established a new collaboration with UnionPay International to provide Chinese cross-border shoppers with a more robust lineup of global merchants on the UnionPay Shop The World website and fewer steps to complete their transactions via UnionPay Online Payments. About a quarter of our total payment volume is cross-border and 79% of shoppers in the US, UK, Germany, Brazil, China and Australia choose PayPal as their preferred method of global payment. The China corridor is one that is growing particularly fast. Since Singles Day 2014, top brands selling into China are seeing 1600%+ Y-O-Y growth in the China corridor with PayPal.
In order to further expand the line of PayPal Credit products, PayPal has launched Easy Payments earlier this year with Apple as a pilot partner. With Easy Payments, consumers can apply for a monthly payment plan at checkout. In a way, consumers can avail credit services from PayPal via Easy Payments thereby dividing larger purchases into predictable monthly installments. At the event, PayPal announced the inclusion of more merchants on the platform, one of them being Shop.com. This new development marks the further growth of PayPal’s foray into the lending business.
Leveraging the Acquisition of Paydiant
PayPal announced its plan to power major retailer apps in-store with Paydiant. With the acquisition of Paydiant earlier this year, PayPal would now be able to provide the critical infrastructure for the in-store mobile apps of major retailers. This includes targeted offers, loyalty programs and payment capabilities that enable retailers to connect with their customers before, during and even after the purchase. Through Paydiant, PayPal will allow consumers to pay any way they want to pay, including credit, debit, PayPal, private label, reloadable gift and payment acceptance technologies including QR codes, Bluetooth and NFC.
One Touch Across any Device
PayPal announced the extension of its One Touch checkout service by linking both One Touch Web and mobile experiences. Now, consumers can make single tap purchases from mobile apps even if they don’t have the PayPal app. Provided a consumer has signed into PayPal at least once on a mobile device, via the Web or the PayPal app, they’ll be able to pay in a single tap, whether they are on a merchant’s mobile site or in their app. A few weeks ago, PayPal had extended One Touch to the Web. Now, consumers can use One Touch across any device like smartphones, tablets and laptops, and check out in a single touch or click regardless of whether they have the PayPal app.
PayPal announced its collaboration with Bigcommerce to allow Bigcommerce’s 90,000 merchants seamless access to an end-to-end ecommerce solution via a single integration with Braintree’s v.zero SDK. In addition, PayPal has extended One Touch for the Web to Bigcommerce merchants, enabling consumers to pay across online stores with a single touch.
Through a collaboration with Tillster, PayPal announced the national rollout of the PayPal integration in the Burger King app. Burger King customers can now make in-store mobile payments with PayPal at 5,000+ restaurant locations in the United States.