Visa Checkout claims higher conversion rate than PayPal
Visa Checkout users are 17 percentage points more likely to complete an online purchase than PayPal Express Checkout users, the financial services company has said.
According to data released yesterday by Visa Checkout, which stores payment information so that users can complete purchases without re-entering their card details, 66 per cent of its users complete online purchases after placing items in their cart. This is compared to the 49 per cent of Paypal Express Checkout users who convert, Visa said.
The data also shows that Visa Checkout customers complete 69 per cent of transactions once they have items in their cart.
Thad Peterson, senior analyst at Aite Group, said: “Shopping cart abandonment has been a big problem for merchants, and providing a secure and seamless shopping experience increases sales. It’s essential that merchants provide customers with just the tools to make shopping and buying fast and easy — and Visa Checkout does just that.”
While PayPal had not seen Visa’s report and could not comment, Anuj Nayar, senior director of the platform, did note the recent launch of PayPal One Touch, which allows users to use PayPal on any device with a single touch.
He told Reuters: “Initial reports indicate that One Touch radically improves checkout conversion for merchants and time to checkout for consumers beyond anything else available in the market today.”