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Major retailers add PayPal to their payments options
More and more retailers are adding PayPal to their list of payment options as one in three UK online shoppers say it's their preferred payment method.
PayPal is on a bit of a roll. Its share of consumer Internet payments is up 5% over the last year, from 16% to 21%, 30% of UK online shoppers now say they prefer to use PayPal over any other form of payment online and over 120,000 retailers in Europe now accept PayPal.
"Major UK brands which have launched with PayPal in recent months include William Hill, CDWow, Victor Chandler and all the Arcadia brands; Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop and Wallis," says Mark Hodson, marketing director atPayPal UK.
"Online shoppers are still concerned about identity theft, and are rightly wary of typing their card details on e-commerce sites," Hodson explains. "PayPal offers the peace of mind that their financial details are not shared."
Speed is also a factor, Hodson believes. "Consumers are demanding faster online shopping experiences, which are both safe and secure. The convenience of being able to checkout in just a few clicks without having to type in payment details or address are what make PayPal such a popular way to pay."
A new PayPal debit card could also drive acceptance forward. The card is a joint venture with RBS and carries a Visa logo. No credit checks are carried out and consumers simply pay a £4.95 fee to get a card. They can then top up the card direct from their PayPal account or at any of the 19,800 PayPoint outlets around the country and spend the funds loaded onto the card online, on the high street or even abroad at any Visa merchant.
Published in August 2008 newsletter - issue 18
