PayPal, which last September paid US$800m to acquire online and mobile payments platform Braintree is unveiling one-touch payments and integrating Bitcoin, according to a report by
The technology information service adds that Bill Ready, Braintree’s chief executive officer (CEO), says that mobile conversion rates are still far off from where they are on the desktop web-due partly to the fact that it’s more tedious to enter or re-enter credit card information on mobile devices.
Ready says that more than half of e-commerce shopping experiences happen on mobile devices, but only 10% to 15% of purchases occur on smartphones. “The reason for that gap is that there’s a two-thirds to 75% fall off in conversion,” he told
. “People just bail out.”
However after months of tests, Braintree is unveiling a way for people to pay across different apps with a single touch, which eliminates the need for usernames and passwords. Early launch partners include Jane.com, ParkWhiz, StubHub and Type Tees by Threadless.
“We’re able to get to a better conversion rate on mobile than on desktop,” Ready said. “You should be able to get a strong amount of ecommerce sessions on phones and buys.”
Braintree is also partnering with Y Combinator and digital wallet Coinbase to enable a Bitcoin-based payment system. “This is PayPal making a move to embrace Bitcoin,” Ready said, with a launch anticipated in the coming months.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.