The name One Touch is influenced by a similar paying service known as Venmo Touch. The latter is run by the Braintree company which is now acquired by PayPal. Braintree assures its customers that the Venmo Touch service is staying. Through its acquisition, customers will now have a choice of the type of payment service they would like to use.
While it may be true that Venmo Touch has a smaller footprint than PayPal, the acquisition would somehow enable PayPal's wide number of merchants to have a more convenient way to receive mobile payments through their native applications. Moreover, consumers who are more often than not a PayPal customer will now find it easier to shop and to pay using their mobile device because of the wider merchant adoption.
"It's starting to bring together the two networks of PayPal and Venmo," says CEO Bill Ready of Braintree. Ready also added that the consumers would always have the option to choose which product experience they would like to have. Either they would choose Venmo's more social experience feature or they would keep their years of loyalty with PayPal which has more than 15 years of leadership in the payment business.
PayPal transactions compared to the non-PayPal ones now have a higher conversion rate of up to 70 percent. One Touch shall bring this rate advantage another step further by eradicating the step of entering one's username and password every time the user accesses an app. There's also no need to type in one's credit card numbers. Customers would simply click the "Buy" button and no further information is asked to confirm the transaction.
Convenience in paying is not the only thing that matters to consumers. Another thing that should be considered is the level of security offered by a service. The acquisition makes PayPal a larger company and it gives an impression that the company is equipped with fraud protection capacities and strongly enforced security practices. Apart from keeping wider data, PayPal's entry into the mobile service will allow the company to detect and confirm with the user if an unusual activity in his account has occurred.
PayPal One Touch, billed as the most secure, most convenient, and most flexible way to pay through a mobile app, is available to both users of Android and iOS apps. It is now on a beta launch and features a select number of merchant partners. There's no word yet on when the service will be formally launched though it's highly likely that the service will be available anytime soon.
