PayPal and JPMorgan extend Fastlane to Europe

PayPal and JPMorgan Payments announced the expansion of their strategic partnership to launch Fastlane more broadly. The service will thus be offered to market customers in the United Kingdom and more widely in Europe where both partners hope to have a similar success as their offer in the United States.

FACTS

• As a reminder, Fastlane is one-click payment system designed to speed up the payment process for customers using the guest mode on the market sites. Traders using PayPal's platform can thus offer their final buyers to simply save their payment information to pay in one click. This solution allows you to avoid updating personal data (delivery address or payment details).

• JPMorgan Payments therefore plans to offer Fastlane by PayPal to its trading customers in the UK and Europe.

• Beyond Fastlane's expansion, PayPal also states that it wants to rely on the JPMorgan Payments commercial platform to expand its acquisition of traders among British and European market companies.

ISSUES

• Extending an efficient supply: Fastlane, according to PayPal data, reduces transaction time by more than 36% compared to traditional methods. Initially launched in the United States in January 2024, Fastlane was deployed more widely in August 2024 and now comes to cover the needs of Europeans.

• Meeting client needs: According to a PYMNTS study dating back to March 2023 and highlighted by PayPal and JPMorgan as part of Fastlane's deployment announcement, 70% of consumers said payment as a guest was an important benefit to them.

• Limiting abandonment: Without a suitable solution to make the experience optimal, the guest mode still generates purchase abandonments due to frictions in the payment process. Fastlane intends to reduce abandonments and customers of the offer seem to confirm its effectiveness. According to PayPal data, traders using Fastlane actually see a 51% increase in conversion rates for end customers using Fastlane compared to conventional visitors.

PERSPECTIVE

• The strengthening of the partnership signed between JPMorgan and PayPal represents a further confirmation of the important dynamism of the online payment giant in recent weeks.

• Internationally PayPal has also just announced the launch of its Open offer, a new trading platform that brings together all its offers and aims to foster a unified payment experience. On this theme, PayPal also comes from strengthening its partnership with the payment terminal specialist Verifone, to consolidate their joint work on omnichannel payment.

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