The news: One-click payment provider Fast has made its buy button solution available to publishers, advertising displays, sports and entertainment venues, and connected TVs, according to a press release.
This is how it works: New users register with Fast to submit personal information such as payment details and their address. Once registered, users can check out anywhere they see the fast checkout symbol. Fast’s new integration allows customers to make purchases from websites such as PopSugar via their buy button as well as at in-person events and via advertisements via their QR code.
Why is this important: Fast’s solution helps solve key customer issues which can boost merchant sales.
- Consumers appreciate the convenience of payment and have kissed frictionless commerce solutions, such as click-and-collect and cashierless payment: 19% of global consumers said they wanted smoother and frictionless experiences when checking out, through a recent Paysafe study. Fast’s solution is more practical because it eliminates the number of payment steps.
- And simplified checkouts can help increase conversion and reduce cart abandonment. Last year, 73% of global online businesses cited cart abandonment as an issue, through Paysafe. Fast CEO Domm Holland told Insider Intelligence that the company’s solution has increase in conversion rates up to 60%.
- Holland added that Fast integrates directly with commerce platforms so customers don’t have to fill out preliminary payment details like their email and home address. It differs from competitors like Apple Pay and Pay Pal, which can be found at the end of the payment process.
Why this might be successful: The holiday shopping season is just around the corner, and Fast’s new integration may enable easier shopping experiences on non-commercial websites like Refinery29– where consumers can find inspiration for giveaways – and on smart TVs when holiday ads launch.
- US holiday retail e-commerce sales expected to jump 11.3% year-over-year (year-over-year) and reached $ 206.88 billion, through Insider Intelligence eMarketer Forecast.
- And ad spend for connected TV set to reach $ 13.41 billion in the United States this year, according to our forecasts.
- Fast’s solution offers enhanced payment capabilities that can help merchants capitalize on non-traditional sales channels, many of which are not leveraged by traditional mobile wallets.
Associated content: Check out our Questions and answers with Fast Executive Justin Abel, where we dig deeper into one-click payment and examine opportunities for retailers and payment providers.