In the fourth quarter of 2016, PayPal processed more than $31 billion in mobile payments, up 53% from the same period in 2015.
PayPal processed more than $2 billion via mobile devices during just the busy five days between Thanksgiving and Cyber Monday last year. Mobile now accounts for one-third of our overall payments.
50M Consumer Accounts with One Touch
Our growth in mobile volume is in large part due to our seamless mobile checkout experiences. Our two-sided network directly connects consumers and merchants of all sizes and enables product innovation such as One Touch, which helps eliminate the need to re-enter passwords each time to securely buy something online from whatever device they choose.
Today, we’re excited to announce that 50 million consumer accounts have opted in to One Touch. One Touch is the most rapidly adopted product in PayPal’s history and is clearly leading the industry in driving the adoption of digital and mobile payments. Opting to skip login for faster payments at checkout remains the number one way for consumers to sign up for One Touch but we have also built One Touch into other consumer touch points, including when signing up for PayPal, within the app and via our marketing channels.
More than 5 million merchant accounts globally have had One Touch enabled automatically without them having to do a thing on the back end, and it is now available at 75% of the top 100 online retailers in the US and 64% of the top 500(1). One Touch offers merchants significantly better conversion rates by making it faster and simpler for their customers to checkout in a tap. The experience converts online buyers at a rate of 87.5%, outpacing all competitors, with the next closest checkout option scoring 36.4% lower than PayPal on average(2). Merchants like Zazzle and 1-800-FLOWERS.COM, have seen uplift by offering the experience at checkout, without having to do anything in the back end.
Creating Economic Opportunity Globally via PayPal
We also announced today that we crossed another important milestone. The PayPal community of customers - consumers, merchants and charities - has now exceeded 200 million member accounts. We are proud that through PayPal, people, businesses and charities are able to connect, interact and transact with each other in new and exciting ways that are not possible except on the PayPal platform. PayPal businesses around the world are thriving and growing by embracing technology and products that transform the way they reach their customers.
Through our Xoom service, people are supporting their loved ones by sending money home in ways that are easier, secure and less expensive.
Our Venmo service is connecting an entire generation of Americans through the integration of money and social media.
And, our Braintree service is powering some of the most innovative mobile and app experiences for companies pushing the boundaries of commerce, such as Facebook, Uber, Airbnb and Dropbox.
Together, through these experiences, we have created a vibrant and growing community that embraces innovation and creates economic opportunity - all built on the world’s largest independent global payments platform. We are taking a moment to celebrate our accomplishments but realize that we are at only 1% of our potential to help make money easier for all of us.
(1) IR 100 and IR 500 as defined by Internet Retailer
(2) Study commissioned by PayPal and conducted by comScore Research. Sources: comScore 1M person US desktop panel of online shoppers, transactions completed in Q3 2015