PayPal and Fiserv have announced an expansion of their global strategic partnership with the latter confirming it will integrate the checkout solution PayPal Fastlane.
In a bid to find more streamlined payment options for its clients in the US, Fiserv will adopt PayPal Fastlane as a new way to accelerate the guest checkout process to eliminate any friction that exists for the guest option on merchant’s checkout pages.
Jennifer LaClair, Head of Merchant Solutions, Fiserv, said: “Fiserv is committed to simplifying the complexities of commerce, creating value for our clients by making it simple for businesses to enable new, engaging experiences for their customer base.
“Our expanded partnership with PayPal supports our mission to enhance client value by providing simple, cutting-edge solutions to our clients that elevate and accelerate the commerce experience.”
The partnership builds on a longstanding relationship between the two companies having covered several products and services to one another’s clients for over a decade.
PayPal has enabled Venmo for Fiserv merchants and clients to use as an alternative payment method, whilst Fiserv has delivered technological payment capabilities to fuel PayPal’s customer-centric domains and product lines.
The two companies have also a particular focus on accelerating rhe customer journey.
Fastlane utilises PayPal’s payment expertise to accelerate the guest checkout experience by allowing users to complete a purchase in one click.
Guest shoppers using Fastlane convert more than 80% of the time, achieve up to 50% higher conversion rates compared to non-Fastlane users, and reduce checkout time by 32%, according to PayPal.
“We’re excited to deepen our collaboration with Fiserv and extend our innovative products and solutions to a broader audience,” added Frank Keller, EVP and General Manager Large Enterprise and Merchant Platform Group of PayPal.
“This partnership reinforces our commitment to driving excellence in checkout convenience by partnering with leading payment services and domain providers and e-commerce platforms.”
