PayPal Holdings, Inc. recently disclosed its plans to launch innovative products powered by Artificial Intelligence (AI) to streamline transactions for its users.
The firm has added new features that will employ AI to aid businesses in boosting sales, accelerating the checkout process, and providing individualized offers to each customer. These products and services, announced on a Thursday, are currently undergoing testing and are set to be more broadly introduced later in the year.
The President and CEO of PayPal, Alex Chriss, emphasized that the company's innovations are aimed at addressing actual customer issues and are anticipated to impact significantly the sphere of transactions and commerce.
The features include "Fastlane", which will facilitate one-click guest checkouts as customers store their data with PayPal, and "Smart Receipts", which will enable consumers to record and use AI to predict future purchases from the same business. This feature will allow businesses to include customized suggestions and cash-back offers on the receipt to encourage repeat business.
In addition, PayPal disclosed the "CashPass" feature, which will enable businesses to extend personalized cash-back incentives to customers using AI to guarantee relevance. The firm is also in process of introducing an advanced offers platform that will allow businesses to leverage customer shopping data to target them based on their actual purchases online. In addition, PayPal plans to implement transparent privacy controls that will give customers the choice to share their data with businesses for a personalized shopping experience.
It was also mentioned that the firm plans to improve its Venmo business profiles with subscription and promotion options, and revamp its app to present users with personalized shopping suggestions powered by AI.
