The news: One-click checkout provider Fast made its buy button solution available to publishers, display ads, sports and entertainment venues, and connected TVs, per a press release.
Here’s how it works: First-time users sign up with Fast to submit personal information like payment details and their address. Once signed up, users can check out anywhere they see the Fast checkout symbol. Fast’s new integration lets customers make purchases on websites like PopSugar through its buy button as well as at in-person events and via ads through its QR code.
Why it matters: Fast’s solution helps solve key customer pain points, which can bolster sales for merchants.
- Consumers value payment convenience and have embraced frictionless commerce solutions, like click-and-collect and cashierless checkout: 19% of global consumers said they wanted more seamless and frictionless experiences when checking out, per a recent Paysafe study. Fast’s solution is more convenient because it removes the number of checkout steps.
- And simplified checkouts can help increase conversion and decrease cart abandonment. Last year, 73% of global online businesses cited cart abandonment as an issue, per Paysafe. Fast CEO Domm Holland told Insider Intelligence that the company’s solution has increased conversion rates by as much as 60%.
- Holland added that Fast integrates directly with commerce platforms so customers don’t have to fill out preliminary checkout details like their email address and home address. This differs from competitors like Apple Pay and PayPal, which sit at the end of the checkout process.
Why this could succeed: The holiday shopping season is quickly approaching, and Fast’s new integration can enable easier shopping experiences on non-commerce websites like Refinery29—where consumers may go for gift inspiration—and on connected TVs as holiday advertisements kick off.
US holiday retail ecommerce sales are expected to jump 11.3% year over year (YoY) and hit $206.88 billion, per eMarketer forecasts from Insider Intelligence.
And connected TV display ad spending is expected to hit $13.41 billion in the US this year, according to our forecasts.
- Fast’s solution offers enhanced checkout capabilities that can help merchants capitalize on non-traditional selling channels, many of which are untapped by mainstream mobile wallets.
Related content: Check out our Q&A with Fast exec Justin Abel, where we dive deeper into one-click checkout and take a look at the opportunities for retailers and payment providers.