PayPal CEO Thinks Company Has Edge Over Amazon in the Checkout Battle
PayPal is trying to steal a march on its rivals, and it seems that its use of checkout technology could give them the edge over established players like Amazon as well as newer start-ups, according to the company’s CEO.
Over the years, PayPal has become ubiquitous, and it has become a trusted and convenient banking method for paying for products online. Indeed, PayPal has been working hard behind the scenes to refine some of its key features.
Initially, PayPal launched the One Touch Feature. This meant that users could make payments with PayPal without having to re-enter their credentials for every transaction, and it was designed to make the payment process more effective.
Since then, PayPal has been making other changes and its main focus in the coming months will revolve around checkout technology. It is hoped the checkout technology will actively encourage customers to speed up purchases without leaving items in their baskets for too long.
Amazon, meanwhile, recently introduced the Buy with Prime feature, which will enable over 200 million Prime members to shop straight from retailer’s websites, but also continue to get the most from their Prime membership.
But PayPal CEO, Dan Schulman, admits his company is well placed to usurp Amazon when it comes to mastering checkout technology and using it to their advantage.
He said: “Retailers depend completely on a checkout provider, and if it doesn’t go right, they can lose a tremendous amount of sales.
“Nobody has the amount of data and information we have on customers. Checkout is a hard business. You’ve got to be able to scale it, and it’s got to be perfect.”
PayPal has enormous global reach and it is used by millions of businesses worldwide, from leading e-commerce sites, such as Amazon and eBay, to online clothes retailers, and restaurants that use PayPal to monitor stock levels. There are also a handful of publishing businesses that will settle invoices with clients by paying them via PayPal as opposed to bank transfers. We can also see the impact that PayPal has had in the online casino world, becoming a go-to option for many renowned operators. Indeed, the top PayPal casino sites, such as Gambino Slots and Fortunes Coins Casino will enable players to make deposits into their accounts using PayPal.
Aside from having minimal fees, PayPal withdrawal requests can be processed quickly, so as an e-wallet, it is a good alternative to debit cards.
PayPal has experienced significant growth over the past decade. The CEO has struck an ambitious tone with how he intends to help the company make greater strides, and it will be fascinating to see the checkout technology come to full fruition.