PayPal launched a new product that will make checkout on mobile as simple as a touch of the finger.
The platform works similar to Venmo Touch, a product of PayPal acquisition Braintree, reported TechCrunch.
Touch was introduced as a way for mobile app users to access their stored placement information across a network of Braintree-supported apps. The idea is that a shopper would not have to re-enter payment information at checkout within these apps because it would already be stored via the Venmo Touch service. Thus far, Venmo has made great strides in the world of mobile payments, due in large part to its ease of use and its viral element—it's strictly for peer-to-peer payments.
PayPal reaches many more customers than Venmo, giving many more shoppers the opportunity to pay on mobile and a broader range of merchant adoption.
In addition, One Touch, unlike Venmo, will have the benefit of the larger company's security practices and fraud protection capabilities. PayPal has the ability to detect in real-time and confirm unusual account activity.
The arrival of One Touch does not mean Touch will go away, but instead consumers will have a choice, depending on which payment apps are installed on the shopper's phone.
"It's starting to bring together the two networks of PayPal and Venmo," said Bill Ready, Braintree's CEO. "But letting consumers still choose what product experience they want–the more social experience that Venmo, offers, or PayPal, if they've been a user for years."
Ready noted the importance of making mobile checkout easier. While one half of shoppers claim to use mobile exclusively, two-thirds of mobile-driven purchases happen offline due to the difficulty often involved in mobile checkout.
One Touch is being launched into beta with select merchant partners as part of the recently released Braintree v.zero SDK and will be rolled out more publicly in September.
-See this TechCrunch article
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