As per a survey conducted in 2023, a whopping 75% of Americans are on board with PayPal, making it the top dog among digital payment apps in the United States. To keep that crown securely in place, the company is now rolling out some changes, harnessing the power of AI.
PayPal announced the launch of six new features on its platforms. These additions will leverage AI to assist merchants in boosting sales, streamlining the checkout process, and delivering personalized offers tailored to each customer. All these new features are set to roll out in the US throughout 2024.
In the words of Alex Chriss, President and CEO of PayPal:
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.
What are PayPal’s new features?
Among the new additions is Fastlane, a feature introducing a one-click guest checkout experience for merchants on PayPal’s platform. This feature enables shoppers to breeze through their purchases with just a tap.
By saving their information with Fastlane, customers can check out in a flash without the hassle of remembering usernames or passwords, updating personal information, or sharing credit card details across various online businesses.
Screenshots of the Fastlane feature (Image Credit–PayPal)
Smart Receipts is another new feature designed to provide customers with AI-personalized recommendations from merchants. When shoppers make a purchase using PayPal, they receive a receipt that not only tracks their transaction but also uses AI to predict their future purchase preferences from that merchant. This means merchants can include a personalized recommendation along with a cash back reward offer on the receipt.
Screenshots of the Smart Receipts feature (Image Credit–PayPal)
And that's not all – PayPal will start using customer insights to develop a personalized advanced offers platform. This move empowers merchants to connect with customers based on their actual purchase history across the internet. The upcoming performance-based offers platform will again use AI to sift through and analyze data from nearly half a trillion dollars' worth of merchant transactions globally.
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The platform will also allow merchants to customize offers for customers, and they will only be charged based on actual performance rather than just impressions or clicks. For PayPal users, this means they will receive more relevant offers and have more opportunities to earn rewards.
Importantly, users will have the option to choose whether or not to share their data, which is a good thing since I guess not everyone would be on board with sharing personal information.
PayPal will also give its app a makeover, introducing a new way for shoppers to earn cash back known as CashPass. This feature provides users with access to a plethora of cash back offers from leading brands in the US. To take advantage of this feature, users only need to tap on the offer, make their purchases, and complete the transaction using PayPal.
Screenshots of the CashPass feature (Image Credit–PayPal)
CashPass again uses AI to curate personalized offers for customers, tailoring them based on their shopping behaviors. Beginning in March, PayPal intends to kick off CashPass with a lineup of launch partners, including Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber, and Walmart.
And finally, Venmo is stepping up its game with enhanced Venmo business profiles to make it simpler for folks to discover small businesses. These upgraded profiles will include subscribe buttons, profile rankings, and the ability to offer promotions.
For users, this means they can easily find top-ranked businesses recommended by their friends and snag cashback deals while supporting local businesses in their area.
Tsveta, a passionate technology enthusiast and accomplished playwright, combines her love for mobile technologies and writing to explore and reveal the transformative power of tech. From being an early follower of PhoneArena to relying exclusively on her smartphone for photography, she embraces the immense capabilities of compact devices in our daily lives. With a Journalism degree and an explorative spirit, Tsveta not only provides expert insights into the world of gadgets and smartphones but also shares a unique perspective shaped by her diverse interests in travel, culture, and visual storytelling.
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