Knot Teams With PayPal to Help Streamline Checkouts
Merchant connectivity platform Knot has launched a checkout-focused partnership with PayPal.
The collaboration, announced Monday (April 7), lets PayPal users update their PayPal branded card-on-file information across multiple merchants using Knot’s CardSwitcher technology.
“For PayPal users, the process is simple. From the PayPal app, users can log in to their favorite merchants across categories to automatically add their PayPal branded cards to their selected merchants using Knot’s CardSwitcher,” the company said in a news release.
“This eliminates the need for manual data entry, ensuring future transactions are processed smoothly, enhancing user confidence, and helping ensure merchants benefit from consistent, friction-free checkouts.”
Knot says the solution helps merchants bolster customer satisfaction while driving higher conversion rates. It follows partnerships between Knot and other financial institutions and FinTech companies, including American Express, Bilt and Step.
“This new collaboration with PayPal is a significant milestone in Knot’s mission to build a financially interconnected future for users and merchants alike,” the release added.
The partnership comes at a time when consumers are counting on retailers to simplify their checkout processes, according to both expert insights and PYMNTS Intelligence Research from the report “What’s Next in Payments: Payments Modernization.”
For example, Justin Downey, vice president of product at Maverick Payments, discussed how providing frictionless checkout can be critical to fostering a positive consumer experience.
“Businesses that can adapt to very convenient ways for customers to pay are going to win in the long run … so staying on top of offerings for a streamlined payment and checkout approach is a heavy focus,” Downey said in an interview with PYMNTS for the report.
Additional research, focused on the eCommerce segment, finds that 50% of consumers consider the ease of a merchant’s checkout process when choosing where to shop.
“Anything that makes processes quicker and easier with less obstacles for customers, that’s where the excitement is,” Downey said.
In other PayPal news, the company announced last week that it was bringing its PayPal Ads program to the United Kingdom.
The solution, first introduced last year in the United States, lets brands and merchants show personalized ads to interested consumers based on past purchases.
“Commerce and advertising are deeply connected, and we believe that the advertising solution we are building at PayPal will become a must-use marketing and revenue channel for merchants big and small,” said Mark Grether, general manager for PayPal Ads.
“… In a world where shopping is agentic, invisible and everywhere, brands need a partner that can help them reach these empowered shoppers. PayPal — and its wealth of consumer knowledge — will help brands and merchants not only respond to demand but also thrive in this new commerce ecosystem.”
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