January 29, 2024
On January 25th, 2024, PayPal announced six new updates that the company is bringing to the Paypal platform. These updates are driven by artificial intelligence (“AI”) and are focused on bringing efficiencies to both consumers and merchants who use the platform.
One of these updates is “CashPass”, in which customers will be given access to hundreds of cash-back offers. These cash-back offers will be personalized through AI and updated based on each consumer’s shopping behaviour. Partners for “CashPass” will include big-name companies such as Best Buy, Ticketmaster, and Walmart.
Another update is “Smart Receipts”, in which receipts from merchants to consumers will include personalized recommendations for the consumer to shop from that specific merchant. This update will be especially useful for small businesses and increasing visibility of their product offerings.
To increase efficiency, PayPal is also introducing “Fastlane” service, where the guest checkout experience will be much faster. Customers will now be able to save their information with Fastlane, and check out as a guest with one click on merchant websites that use the PayPal platform.
These are three of the six updates coming to PayPal. The other three update are to accelerate the checkout process, to introduce personalized offers to consumers, and to introduce the next generation of Venmo business profiles. The updates and experiences will roll out in the United States throughout 2024. This is the first major announcement by PayPal’s new CEO, Alex Chriss. Investors are hopeful that this new shift towards AI-driven updates will assist with increasing Paypal’s share value.
Author: Jeffreen Rahman, 2023/2024 Articling Student-at-Law