PayPal and Global Payments Join Forces to Simplify Checkout with Fastlane

Rhea-AI Summary

PayPal (NASDAQ: PYPL) has announced an expanded partnership with Global Payments to enhance checkout experiences. The collaboration will enable Global Payments' U.S. merchants to offer PayPal and Venmo branded checkout solutions along with Fastlane by PayPal. The partnership, building on their 15-year relationship, aims to streamline the checkout process. Fastlane enables one-click purchases and has shown nearly 50% higher checkout conversion rates compared to traditional guest checkout flows, while reducing checkout time by over 28% for card payments.

Positive

• Integration of Fastlane shows 50% higher checkout conversion rates
• 28% reduction in checkout time for card payments
• Expansion of existing partnership to enhance merchant reach

Negative

• None.

SAN JOSE, Calif., Oct. 23, 2024 /PRNewswire/ -- PayPal Holdings Inc. (NASDAQ: PYPL) today announced an expanded collaboration with Global Payments Inc. (NYSE: GPN) aimed at transforming checkout experiences. This partnership will see Global Payments offer their U.S. merchants enhanced PayPal and Venmo branded checkout solutions and accelerated guest checkout through Fastlane by PayPal. Fastlane enhances the shopping experience for consumers and drives increased conversion rates for businesses leveraging the platform. 

"We're excited to deepen our collaboration with Global Payments by enabling more partners to introduce our innovative products and solutions to a wider audience of consumers and merchants," said Suzan Kereere, President, Global Markets, PayPal. "This partnership demonstrates the velocity by which we're innovating, and the impact we can have on transforming the checkout experience for consumers and merchants alike." 

Global Payments and PayPal have collaborated for over 15 years, delivering a range of payment solutions for millions of merchants worldwide. As a key strategic partner, Global Payments serves as a top acquirer of PayPal's branded checkout solutions across Europe, the UK, Canada, and beyond, signifying a commitment by both companies to enable commerce on a global scale. 

"At Global Payments, we are dedicated to driving innovation and delivering exceptional commerce solutions for business owners," said Bob Cortopassi, President and Chief Operating Officer, Global Payments. "We are delighted to expand our relationship with PayPal and integrate their new checkout solutions into our platform, enhancing the quality and quantity of payment choices offered to our merchant customers across the U.S. and helping them to maximize their ecommerce businesses." 

Fastlane harnesses PayPal's decades of payment expertise to revolutionize the guest checkout experience, enabling users to complete purchases in as little as one click. This innovative solution empowers guest shoppers and can help deliver nearly 50% higher checkout conversion rates compared to traditional guest checkout flows for consumers paying with a card, while reducing checkout time by more than 28%*. 

To learn more about Fastlane by PayPal, visit https://www.paypal.com/fastlane.  

*Source: Based on PayPal internal data from August 2 to September 30, 2024. Comparing Fastlane accelerated shoppers vs. non accelerated shoppers for merchants that have integrated Fastlane.

About PayPal 
PayPal has been revolutionizing commerce globally for more than 25 years. The company creates innovative experiences that make moving money, selling, and shopping simple, personalized, and secure. PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.

About Global Payments 
Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. 

Headquartered in Georgia with approximately 27,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning North America, Europe, Asia Pacific and Latin America. For more information, visit company.globalpayments.com and follow Global Payments on X, LinkedIn and Facebook. 

Media Relations Contacts:  
Malini Mitra, malini.mitra@paypal.com
mediarelations@paypal.com 

Investor Relations Contact: 
investorrelations@paypal.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/paypal-and-global-payments-join-forces-to-simplify-checkout-with-fastlane-302284003.html

SOURCE PayPal Holdings, Inc.

FAQ

What are the key benefits of PayPal's Fastlane integration with Global Payments (PYPL)?

PayPal's Fastlane integration with Global Payments offers nearly 50% higher checkout conversion rates and reduces checkout time by over 28% compared to traditional guest checkout flows for card payments.

How long have PayPal (PYPL) and Global Payments been working together?

PayPal and Global Payments have been collaborating for over 15 years, with Global Payments serving as a top acquirer of PayPal's branded checkout solutions across Europe, the UK, Canada, and beyond.

What new features will Global Payments merchants get from the PayPal (PYPL) partnership?

Global Payments U.S. merchants will get enhanced PayPal and Venmo branded checkout solutions and accelerated guest checkout through Fastlane by PayPal, enabling one-click purchase capabilities.