PayPal Holdings has introduced Fastlane by PayPal, a novel solution that is intended to improve the visitor checkout experience for businesses of all sizes in the US. Fastlane's objective is to enhance client loyalty and sales by simplifying the online purchasing process in anticipation of the holiday shopping season. Fastlane enables users to complete purchases with minimal effort, potentially requiring just one click, by leveraging PayPal's extensive expertise in payment processing. Customers are identified by Fastlane at the outset of the checkout procedure through the identification of their email addresses.
The solution enables users to retrieve preserved information by entering a one-time passcode, which subsequently expedites the transaction process by autofilling their details. A Fastlane profile is created, and consumers can experience faster checkouts on any website that has Fastlane enabled. PayPal reports that guest consumers who utilize Fastlane convert over 80% of the time, with conversion rates of up to 50% higher than those of non-Fastlane users. Furthermore, Fastlane users can complete checkouts in as little as two minutes, which means that the overall checkout time is reduced by 32%.
