PayPal have released a study on their user habits and their interactions with the payment method, which has proven to be some interesting reading. They’ve given some cheeky insights into the way this payment method works, as well as the way we make the most of it.
The onus of this report seems to be that on mobile, this payment method is really our best friend. The ease of use that it offers and the swift transactions means that it’s ideal for using on the go. Plus we get that extra security on top, which really can’t be overstated.
All in all, the core values of the PayPal brand are the ones that users are responding to. They’ve made things so simple for the user that wants to make a transaction, often they need nothing more than their fingerprints to do so. This takes all the hassle out of payments, which is both good for the user and also for the merchant.
The fewer steps between adding items to the basket and completing the order, the higher the rate of conversion usually is. Defeating basket abandonment with PayPal is a breeze as the user basically doesn’t need to do anything to get the payment made and the transaction sorted. The impulse to buy a product or service on mobile comes along often and if we use PayPal, then we spend less time considering whether we really need it or not.
With so many outlets now accepting PayPal, this brand also comes with a seal of security. Simply adding a PayPal icon to a site can make the user feel a lot more secure. This is particularly true of gaming sites that accept PayPal, as these can be seen as less trustworthy than merchant sites. PayPal bingo sites have seen a massive rise in users choosing to use this payment method for their security. For this reason, more and more bingo sites are allowing them to make these transactions.
It’s hard to speak for every industry, but the general trend seems to be that buyers are leaning towards PayPal. Of all the eWallet services on the market, this one is undoubtedly the king of alternate payments. Very few online brands have this kind of visibility and PayPal is definitely one of the most recognisable brands of our time.
This data refers to the past year of PayPal transactions, so we may yet see big changes in the upcoming year. As the market changes with technology, PayPal may eventually fall out of favour. This is pretty unlikely however, unless we see significant changes to the overall security of sites.
There are so many options on the market for merchants and buyers alike, but this reports highlights exactly what users seek this payment method out for. Although they have competitors on the market, it would be a massive challenge for a brand to attempt to build themselves up to this degree. For the time being it seems that users will flock to PayPal for the duration of their time online.