PayPal Expands Strategic Partnership with Fiserv to Streamline Checkout Experiences in the U.S.
Rhea-AI Summary
PayPal Holdings, Inc. (NASDAQ: PYPL) has expanded its strategic partnership with Fiserv, Inc. (NYSE: FI) to streamline checkout experiences in the U.S. This expansion simplifies how Fiserv's merchant clients enable PayPal, Venmo, and related services, providing a simple connection point to Fastlane by PayPal for accelerated guest checkout flows.
The partnership, spanning over a decade, covers various merchant and payment functions across millions of merchants globally. Fastlane, PayPal's innovative checkout solution, allows users to complete purchases in as little as one click. It has shown impressive results, with guest shoppers using Fastlane converting over 80% of the time, achieving up to 50% higher conversion rates, and reducing checkout time by 32% compared to non-Fastlane users.
Positive
- Expansion of strategic partnership with Fiserv to streamline checkout experiences
- Simplified integration of PayPal, Venmo, and related services for Fiserv's merchant clients
- Fastlane by PayPal shows over 80% conversion rate for guest shoppers
- Up to 50% higher conversion rates compared to non-Fastlane users
- 32% reduction in checkout time with Fastlane
Negative
- None.
News Market Reaction
On the day this news was published, PYPL gained 3.88%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
"We're excited to deepen our collaboration with Fiserv and extend our innovative products and solutions to a broader audience," said Frank Keller, Executive Vice President and General Manager Large Enterprise and Merchant Platform Group, PayPal. "This partnership reinforces our commitment to driving excellence in checkout convenience by partnering with leading payment service providers and e-commerce platforms."
Fiserv and PayPal have partnered for over a decade on a variety of best-in-class merchant and payment functions spanning payment processing, payouts and network services and other ecommerce capabilities across millions of merchants globally. Fiserv is a core strategic partner, delivering technology and capabilities that fuel PayPal's customer-centric innovation across multiple domains and product lines.
"Fiserv is committed to simplifying the complexities of commerce, creating value for our clients by making it simple for businesses to enable new, engaging experiences for their customer base," said Jennifer LaClair, Head of Merchant Solutions, Fiserv. "Our expanded partnership with PayPal supports our mission to enhance client value by providing simple, cutting-edge solutions to our clients that elevate and accelerate the commerce experience."
Fastlane utilizes PayPal's decades of payment expertise to innovate and accelerate the guest checkout experience – allowing users to complete their purchase in as little as one click. Guest shoppers using Fastlane convert more than
To learn more about Fastlane by PayPal, visit https://www.paypal.com/fastlane.
*Source: Based on PayPal internal data from April 3 to June 15, 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 Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World's Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
Media Relations Contacts:
Malini Mitra, malini.mitra@paypal.com
mediarelations@paypal.com
Investor Relations Contact: investorrelations@paypal.com
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SOURCE PayPal Holdings, Inc.
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