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PayPal has strengthened its foothold in the United Kingdon since the turn of the year by launching two innovative digital solutions.
The company recently expanded its strategic partnership with JP Morgan Payments to offer Fastlane by PayPal for its merchant clients in the UK and Europe.
PayPal also plans to expand merchant acquiring to businesses across both markets by leveraging JP Morgan Payments’ Commerce Platform.
This development will provide a major boost to businesses and consumers in the Midlands, many of whom already use PayPal to facilitate digital payments.
For instance, PayPal is accepted by many betting sites, which rely heavily on the platform’s ability to offer seamless deposit and withdrawal processes.
Numerous other industries will benefit from the introduction of Fastlane, which PayPal says ‘accelerates checkout for consumers and boosts conversion for merchants’.
It has been estimated that 70 percent of consumers think guest checkout is an important feature, but abandon their purchases due to complicated processes.
Fastlane tackles this issue by streamlining the experience to make it more than one-third speedier than a traditional guest checkout.
Merchants who offer Fastlane as a payment option have benefited from a 51% increase in conversion rates – a figure which highlights its likely attraction for businesses in the Midlands.
Suzan Kereere, PayPal’s president of global markets, said: “We are thrilled to mark an important moment in Fastlane’s journey as we expand outside the United States for the very first time. The success we’ve seen in the US is showing how Fastlane can have a substantial impact on commerce.
“As we join forces with JP Morgan Payments to scale this innovation across multiple markets, we are setting the stage for a smarter, faster, and more secure commerce experience that empowers people and businesses worldwide while delivering exceptional value for our customers.”
PayPal has further enhanced its offering in the digital payments market by recently announcing that PayPal Ads will be made available in the UK.
The firm says the advertising solution ‘leverages PayPal’s scale and insights to deliver more value for consumers, brands and merchants at every step of the shopping journey’.
The innovative tool allows for personalised ads to be displayed to interested customers based on their previous online purchases.
This improves the overall shopping experience and increases the chances of a purchase being completed by the consumer.
PayPal Ads will be launched in stages, with UK customers starting to see ads from July. The tool is designed to build on PayPal’s pre-existing relationship with merchants and consumers.
Merchants will be able to access unique data insights based on user behaviour which will allow them to create personalised messaging designed to garner those all-important sales.
Mark Grether, senior vice president and general manager of PayPal Ads, has worked tirelessly to bring PayPal Ads to the UK market.
His team strives to seamlessly connect PayPal users with advertisers and merchants, thus helping them to sell their products and services more effectively.
By leveraging data from approximately one quarter of the world’s $6 trillion in digital commerce and more than 400 million active accounts annually, PayPal Ads allow advertisers to engage with customers throughout the entire marketing chain.
Grether said: “Commerce and advertising are deeply connected, and we believe that the advertising solution we are building at PayPal will become a must-use marketing and revenue channel for merchants big and small.
“PayPal, already a smart payment solution for over 430 million users globally, is now revolutionising commerce to become a smarter way to buy. In a world where shopping is agentic, invisible, and everywhere, brands need a partner that can help them reach these empowered shoppers.
“PayPal – and its wealth of consumer knowledge – will help brands and merchants not only respond to demand, but also thrive in this new commerce ecosystem.”
One of the major attractions of PayPal Ads for businesses in the Midlands is the product is continually being refined based on feedback.
PayPal has tasked its team members with working primarily from a customer’s perspective to ensure its ads tool consistently suits their specific requirements.
Feedback from merchants is also gathered to ensure that PayPal Ads stays at the forefront of innovation in the digital advertising space.
By ‘aligning on common goals and building upon each other’s strengths’ PayPal aims to deliver a tool which enhances the online shopping experience on both sides of the equation.
