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PayPal unveils AI-based products

PayPal unveils AI-based products

PayPal has unveiled a host of new AI-driven features for the new year but the plans failed to convince the market, with the payment giant's shares down more than four per cent in afternoon trading.

Unveiling six new "innovations to revolutionise commerce", new PayPal CEO Alex Chriss says PayPal will use AI to drive personalisation for both merchants and consumers.

A 'smart receipts' feature will use AI to predict what shoppers may want to buy next from the merchant. The merchant can then offer personalised recommendations and cashback offers on this receipt.

An offers platform promises to give merchants the ability to reach customers based on what they have actually bought across the internet, down to the stock keeping unit and the individual product.

The firm is also rolling out a one-click checkout guest experience, called Fastlane, that requires no username or password and no need to share a credit card with businesses all over the web.

Says Chriss: "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."

Despite the new features, PayPal's shares were down more than four per cent in afternoon trading. The company's stock is down more than 20% since last January.

Learn more about payments at NextGen Nordics on the 23 April 2024.

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