One-Click Payments an Increasingly International Affair
The e-commerce holiday push has begun and this shopping season is expected to be a far more international affair thanks to continued growth in the realm of one-click payments.
In addition to Visa recently announcing that its popular Visa Checkout service is now supported by thirty three new merchants including brands such as Best Buy, Under Armour, Barnes & Noble and Taco Bell, the company also revealed that more card issuers are offering the solution/platform directly to their customers and that could result in a big time boost in international orders for sellers.
For the unfamiliar, Visa Checkout is an online service that allows consumers to store their shipping and payment information without having to re-enter the information when purchasing online. The solution enables consumers to enter their username and password to complete the purchase. Since its launch less than a year ago, the service has expanded to 16 countries and more than six million customers have signed up for Visa Checkout accounts - and it's expected to keep growing.
In countries where consumer demand for overseas goods continues to increase (particularly China and the United Arab Emirates), card issuers who integrate the Visa Checkout solution are able to provide their customers with an opportunity to enroll in Visa Checkout and ultimately shop online at overseas/international merchants. China Merchants Bank (CMB) and Shanghai Pudong Development Bank (SPDB), for example, were the first two issuers to launch Visa Checkout’s mobile app inline provisioning within their banking apps, providing their customers with an way to get started with the one-click payment program.
As more merchants and issuers integrate Visa Checkout, merchants will likely begin seeing more international orders. With nearly 250,000 merchants and over 330 financial institutions currently offering Visa Checkout, now would be a good time for merchants to start focusing their attention outside of their native borders.