PayPal will launch artificial intelligence-supported products
PayPal announced on January 25 that it will launch several artificial intelligence (AI)-powered products for end users and merchants.
PayPal President and CEO Alex Chriss said in an interview with Reuters:
CashPass will be available starting in March. It will initially involve major companies such as Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber and Walmart. Users can earn bigger rewards by combining this feature with PayPal’s Cashback Mastercard and savings accounts.
Other AI features targeted at merchants
PayPal is also introducing a feature called Smart Receipts. This will use artificial intelligence to recommend purchases to users, thus encouraging them to return to merchants they have shopped with before. PayPal said merchants can make a personalized recommendation and provide cashback rewards.
PayPal also announced its advanced quotes platform, an AI-powered promotional tool that will account for nearly $500 billion in business transactions worldwide. PayPal said this will allow merchants to pay solely for performance rather than impressions or clicks, while also offering end users “more relevant offers and more opportunities to earn rewards.”
The payments company also announced a new one-click checkout called Fastlane, updates to Venmo Business Profiles, and passkey-based (e.g. face or fingerprint) logins. It is not stated whether artificial intelligence will be used in these three features.
PayPal stock up less than 2%
Reactions to the news were intense. Although the price of PayPal shares (PYPL) increased by 1.76% in 24 hours, news outlets such as CNBC and Barron’s noted that share prices fell as the announcement approached.
PayPal has previously embraced other technology trends, notably cryptocurrency and blockchain. The company introduced its own stablecoin in August 2023. PayPal also introduced crypto features in the US starting in 2021 and is expected to reintroduce these services in the UK this year.
#PayPal #launch #artificial #intelligencesupported #products
PayPal announced on January 25 that it will launch several artificial intelligence (AI)-powered products for end users and merchants.
PayPal President and CEO Alex Chriss said in an interview with Reuters:
PayPal announced a feature called CashPass that will offer users personalized cashback offers based on AI analysis of their spending activities.
CashPass will be available starting in March. It will initially involve major companies such as Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber and Walmart. Users can earn bigger rewards by combining this feature with PayPal’s Cashback Mastercard and savings accounts.
Other AI features targeted at merchants
PayPal is also introducing a feature called Smart Receipts. This will use artificial intelligence to recommend purchases to users, thus encouraging them to return to merchants they have shopped with before. PayPal said merchants can make a personalized recommendation and provide cashback rewards.
PayPal also announced its advanced quotes platform, an AI-powered promotional tool that will account for nearly $500 billion in business transactions worldwide. PayPal said this will allow merchants to pay solely for performance rather than impressions or clicks, while also offering end users “more relevant offers and more opportunities to earn rewards.”
The payments company also announced a new one-click checkout called Fastlane, updates to Venmo Business Profiles, and passkey-based (e.g. face or fingerprint) logins. It is not stated whether artificial intelligence will be used in these three features.
PayPal stock up less than 2%
Reactions to the news were intense. Although the price of PayPal shares (PYPL) increased by 1.76% in 24 hours, news outlets such as CNBC and Barron’s noted that share prices fell as the announcement approached.
PayPal has previously embraced other technology trends, notably cryptocurrency and blockchain. The company introduced its own stablecoin in August 2023. PayPal also introduced crypto features in the US starting in 2021 and is expected to reintroduce these services in the UK this year.
#PayPal #launch #artificial #intelligencesupported #products
