According to Tech Crunch, PayPal, in collaboration with Braintree, has plans to release a new product called One Touch for merchant and app developers.
Delivering yet another boost to the business of mobile payments, PayPal’s product will be similar to their acquisition Braintree’s Venmo Touch product. Venmo offers a social app that allows users to easily send money to one another and then cash out to a bank overnight. Venmo Touch is a way for mobile app users to access their stored payment information across a network of Braintree-supported apps.
There is no longer the need to re-enter your credit card information at point of purchase within these apps because it is stored in the Venmo Touch Service.
PayPal is bigger than Venmo and has a larger number of PayPal merchants, as well as consumers, and will allow more people and businesses to have an easier way to accept mobile payments in their native applications. One Touch will also have the benefit of the larger company’s security practices and fraud protection capabilities.
Consumers will have a choice between PayPal’s One Touch and Braintree’s Venmo Touch, depending on which payment apps they have installed on their phone.
One Touch is being launched now into beta with select merchant partners and will be introduced more publicly in September.