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How We’re Delivering on Our Commitments to Our Customers: A Recap of Q3 2014

Each quarter, I’ve been keeping you up to date on the progress we’ve made and what we’ve been able to deliver to our customers as we’ve come into the PayPal family. Here are some of our highlights for the past quarter.

For years, we’ve been laser focused on building payments tools for mobile. This past quarter was a huge milestone for us as we expanded on what we had built with Venmo Touch and announced One Touch mobile payments from PayPal as well as Venmo, creating the fastest, safest and easiest way to pay across Android and iOS mobile devices. We also worked with Apple to support the launch of Apple Pay and had nine of our clients featured on stage by Tim Cook at the Apple Pay launch. More on our support for Apple Pay can be found on Apple’s developer site and in our documentation for our v.zero SDK.

When we launched the v.zero SDK earlier this year as the foundation for accepting payments with Braintree, we shared that we were building with the future of mobile payments in mind. For years we’ve envisioned a world where most e-commerce would happen on mobile devices and wallets would be essential to delivering a seamless buying experience on mobile.  Not only have we built our own wallets with Venmo and now with PayPal One Touch, but we also built a platform that would allow our customers to easily integrate and accept multiple wallets and payment methods. That foundation that we built with v.zero is now allowing our merchants to attract customers from PayPal, Venmo, Apple Pay and soon, it will also allow for payment with bitcoin via our partnership with Coinbase.  And we’re far from finished as we’ll continue to add more relevant payment methods that our customers can seamlessly enable - all via one integration with v.zero!

As busy as we were with all of that in Q3, we also expanded our support for the developer community, rolling out our Start Tank program to the UK and welcoming our first group of five startups -- for which we’ll provide mentorship, a place to work, access to thought-leaders, executives and investors, and immediate access to our Blueprint program. We also hosted four battlehacks in Warsaw, Sydney, Boston and Mexico City, inline with our commitment to support innovation wherever it is happening in the world.

Finally, we rolled out an elegant new look and logo to match the progress we’ve achieved, and created a unique and open sourced font for anyone to use.

As our parent company eBay reported earnings recently, I wanted to share with you a measure of what we accomplished in Q3, with the help of our customers and partners:

  • Just one year after announcing that we would join the PayPal family, we’ve nearly tripled the reach of our platform as Braintree's Q3 2014 payment transactions were 2.85x what they were for Q3 of 2013.

  • Braintree had 85.7 million cards on file for single-click/repeat purchase in Q3 2014 (up 22.4% from Q2)

  • Venmo’s Total Payment Volume in Q3 2014 was $700 million, a 50% increase from the prior quarter, making it one of the most successful mobile payment apps in the world and still growing!

This has been another great quarter, but as always, we have a lot more exciting things we’re working on to help fuel innovation and support our customers as they forge into new markets, disrupt existing industries and improve the way we live.

We always love hearing your feedback, so please feel free to write to us in the comments below or reach out to us at @braintree or support@braintreepayments.com.

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Bill Ready Bill is the SVP, Global Head of Merchant and Next-Gen Commerce at PayPal. Previously, Ready was the CEO of Braintree, leading the company through the 2013 acquisition by PayPal for $800 million. More posts by this author >>

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