PayPal is launching new tools using artificial intelligence (AI), the company announced Thursday. The six new products are aimed at improving checkout experiences and integrating Venmo. PayPal says it will release them throughout 2024.
“PayPal is on a mission to revolutionize commerce, globally, and today we are starting the next chapter,” Alex Chriss, president and CEO of PayPal, said in a statement. “With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s ecommerce transactions each year, but more importantly, shoppers trust PayPal to power their payments.”
PayPal provides payment processing services to 147 merchants in the Top 1000. The database is Digital Commerce 360’s ranking of North America’s online retailers by web sales. It also provides payment security services to 21 of the Top 1000.
PayPal’s new tools
PayPal introduced six of the new features available to its customers.
PayPal “massively accelerated the checkout process” by removing friction like password prompts and slow response times. Customers will be able to log in with their face or fingerprints and check out twice as fast. It will also use AI to “get smarter and faster over time,” PayPal says.
Fastlane by PayPal
Consumers can save their payment and shipping information with Fastlane and checkout with just one tap, PayPal says. They won’t have to remember a username and password or share credit card information with every business. Fastlane recognized 70% of consumers and accelerated checkout by nearly 40% in a pilot with select BigCommerce customers.
PayPal smart receipts
Consumers who make purchases using PayPal will receive a receipt with order information and tracking details. It will also use AI to predict what that customer might want to buy next from that business. Retailers using smart receipts can share a personalized recommendation and a cashback offer all within the receipt.
PayPal advanced offers platform
PayPal says it will give business clients the ability to advertise to consumers based on the specific products they’ve purchased around the internet, not just based on their browsing history. The platform will use AI to organize and analyze data from billions of dollars in online purchases.
Updated PayPal app
The company is updating its mobile app with a new service called CashPass. CashPass will give consumers access to personalized cash-back offers generated by PayPal using AI. This feature will launch in March with offers from Walmart (No. 2 in the Top 1000), Best Buy (No. 7), eBay, McDonald’s, Priceline, Ticketmaster, and Uber.
Venmo business profiles
Venmo, the payment app owned by PayPal, will roll out new enhanced Venmo business profiles. The new profiles will help consumers discover small businesses, PayPal says. Consumers will be able to subscribe to business profiles, and businesses can offer promotions to customers through the app.
PayPal’s CEO on new features
“PayPal is introducing six new innovations that will not only solve real customer pain points, but we believe will change the world of payments and commerce,” Chriss said. “From new solutions for merchants to speed up checkout and personalize offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, to the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution.”
Chriss became PayPal’s CEO in September.
“We do not think investors will view any of them as groundbreaking new information, but instead initiatives they would have expected the company to already be working on,” BTIG analyst Andrew Harte said in a research note, Reuters reported.
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