WASHINGTON (dpa-AFX) - PayPal Holdings, Inc. (PYPL) revealed its plan to launch AI-powered products aimed at simplifying and expediting transactions for its customers.
The company has introduced additional features that will utilize AI to help merchants boost sales, streamline the checkout process, and provide personalized offers to each customer. These products and services, announced on Thursday, are currently in the pilot phases and are expected to have larger rollouts later in the year.
Alex Chriss, President and CEO of PayPal, stated that the innovations introduced by PayPal aim to solve real customer pain points and are expected to bring significant changes to the world of payments and commerce.
One of the features, called 'Fastlane,' will enable one-click guest checkouts as customers save their data with PayPal. Another feature, 'Smart Receipts,' will allow consumers to track their purchases and utilize AI to predict their potential next purchases from the same merchant. This will enable merchants to include personalized recommendations and cash-back offers on the receipt, intending to turn one-time shoppers into repeat customers.
PayPal also announced the 'CashPass' feature, which will empower merchants to offer personalized cash-back incentives to customers, supported by AI to ensure relevance. The company also plans to introduce an advanced offers platform that will allow merchants to utilize customers' shopping data to reach them based on their actual purchases across the internet. Furthermore, PayPal is building transparent privacy controls to allow customers to opt in or out of sharing their data with merchants for a personalized shopping experience.
Additionally, the company stated that it is enhancing its Venmo business profiles to include subscription and promotion options. The company also announced its plan to revamp its app and provide customers with personalized shopping recommendations powered by AI.
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