PayPal launched its new Fastlane one-click payment option for online sales in August 2024. This product is designed to streamline the guest checkout experience, aiming to compete directly with offerings like Apple Pay and Shopify's Shop Pay.
Fastlane targets the approximately 60% of online payments that do not currently use a branded payment option, with the goal of converting these guest checkouts into PayPal users. The product leverages PayPal's ability to recognize and autofill information for a large base of users.
Fintech platform Adyen made Fastlane available to businesses in the U.S. in August, with plans for global expansion. This initiative is expected to drive higher conversion rates for merchants and increase PayPal's share of online checkout volume.
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