PayPal Introduces Fastlane: A Quick Guest-Checkout Solution
Making Shopping Easier for Consumers and Merchants Alike
In a move to simplify the checkout process for both consumers and merchants, PayPal has announced that its quick guest-checkout solution, Fastlane, is now available to all U.S. merchants after several months of testing with select businesses.
What is Fastlane?
Fastlane allows customers to quickly complete purchases on a merchant’s website without having to log in or create an account. To facilitate this process, PayPal stores customer data such as names, email IDs, phone numbers, shipping addresses, and payment details. When a customer visits a merchant’s website, Fastlane can automatically fill out the necessary information by fetching it from the stored data.
How Does Fastlane Work?
To use Fastlane, customers simply need to enter a verification code sent to their email address. This allows PayPal to retrieve the saved information and complete the checkout process without requiring the customer to sign in or create an account.
PayPal uses signals like a customer entering their phone number or email to fetch data from Fastlane. If a customer is not signed up for Fastlane, they are given the option to do so during the checkout process.
Why is Fastlane Important?
According to a study published by Capterra, 43% of customers prefer checking out as a "guest" on e-commerce websites, rather than creating an account. Additionally, 72% of consumers choose guest checkout even if they have an account.
By providing a quick and easy checkout process, Fastlane helps businesses improve conversion rates. Frank Keller, EVP of large enterprise and merchant platforms at PayPal, explained that the solution is designed to boost sales by speeding up the checkout process.
Benefits for Merchants
Fastlane offers several benefits for merchants, including:
- Improved Conversion Rates: With Fastlane, customers can complete their purchases quickly and easily, leading to higher conversion rates.
- Increased Sales: By streamlining the checkout process, merchants can increase sales and revenue.
- Reduced Friction: Fastlane eliminates the need for customers to create an account or sign in, reducing friction during the checkout process.
Competition from Other One-Click Solutions
Fastlane competes with other one-click solutions such as Stripe Link, Checkout.com, OurPass, and Deuna. Keller stated that PayPal plans to offer this service in other regions.
Conclusion
With the introduction of Fastlane, PayPal is taking a significant step towards simplifying the checkout process for consumers and merchants alike. By providing a quick and easy way for customers to complete their purchases, merchants can improve conversion rates, increase sales, and reduce friction during the checkout process.
