E-commerce platform Magento Inc. announced Instant Purchase, its new one-click payment feature that is now standard on its Magento Commerce system.
For merchants, Instant Purchase offers a customizable button, a mobile-optimized process that Campbell, Calif.-based Magento says can reduce time-to-purchase by 90%, automatic shipping to the shopper’s default address, and support for multiple payment methods.
Instant Purchase uses previously stored payment credentials and shipping information. It is built on Braintree Vault, a data-storage technology from PayPal Holdings Inc.’s Braintree unit. Customers selecting the Instant Purchase button on participating e-commerce sites are presented a confirmation page that, after the initial setup, does not require entering payment and shipping information.
“We can’t get rid of the actual payment transaction, but we need to utilize technologies to make it almost invisible—smother, faster, and more secure,” Andy Barker, Magento senior director strategy and growth global payments, tells Digital Transactions for an article in the magazine’s January edition.
Competitor Shopify Inc. has a similar service, called Shopify Pay, which stores consumer information. Consumers can use the service on participating merchant Web sites.
Amazon.com Inc.’s patent on single-click buying expired in September.