PayPal's digital payment platform is introducing new features that use artificial intelligence as part of the company's ongoing initiative to incorporate AI-powered technology. In this guide, learn more about these new PayPal AI tools and how they can benefit your business.
PayPal's Shift Toward Artificial Intelligence
Since Alex Chriss took over as PayPal CEO in September 2023, consumers and merchants can expect the platform to make improvements centered around artificial intelligence. Chriss told Reuters, "The data that we have and our ability to see what people have bought and know what merchants are trying to target, that's where I think AI is the huge opportunity for us."
PayPal hopes that adding more AI-powered features can improve its stock performance. The initiatives they would have expected to raise share values have led to a 22% decline since January 2023. The company is spearheading this shift by unveiling several new features that will be available for PayPal and Venmo users, enhancing payment processes for both consumers and merchants.
PayPal Announces New AI Tools: What Are They?
If your company accepts payment through PayPal, you'll want to know about the new features it's rolling out. These new PayPal AI tools benefit consumers by reducing their checkout time and providing many advantages to brands using PayPal. Check out some of the new features below.
CashPass
Artificial intelligence is at the forefront of PayPal's new CashPass feature on the mobile app. Consumers can receive personalized cash-back offers based on their shopping activity. For example, suppose someone frequently purchases electronics via PayPal. In that case, AI will detect their behaviors and display special cash-back offers that align with their purchase history.
These personalized recommendations will update regularly so users have plenty of chances to shop and receive money back. Some of the merchants planning to offer cash-back deals once CashPass launches include:
- Walmart
- Uber
- McDonald's
- Ticketmaster
- eBay
Smart Receipts
Similar to CashPass, your company can offer personalized recommendations and cash-back rewards when your customers shop via PayPal. The new Smart Receipts feature analyzes each customer's order and includes predictions of what they might want to buy next. PayPal gains insight into each customer's shopping behavior data and then uses AI to generate custom offers.
How PayPal's New Features Can Improve Your Business
Business owners should use these new PayPal AI tools because they allow brands to engage with their customers better. You can create customized offers for consumers interested in your products based on their previous buying habits. The CashPass and Smart Receipts features build intrigue with consumers as long as they opt to share their data with merchants.
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