Shares in PayPal soared more than 10% on news that the payments firm has struck a deal with OpenAI to embed its wallet into ChatGPT.
PayPal says it is adopting the Agentic Commerce Protocol (ACP), an open standard that OpenAI codeveloped with another payments giant, Stripe.
This means that millions of ChatGPT users will be able to check out instantly using PayPal, and PayPal will support payments processing for merchants using OpenAI Instant Checkout. PayPal will also connect its global merchant network to OpenAI, creating a platform for tens of millions firms to sell within ChatGPT.
Through PayPal's wallet, shoppers will be able to use multiple funding options such as bank, balance, and cards, as well as the firm's buyer and seller protections, and post-purchase services such as tracking and dispute resolution.
Alex Chriss, president and CEO, PayPal, says: "By partnering with OpenAI and adopting the Agentic Commerce Protocol, PayPal will power payments and commerce experiences that help people go from chat to checkout in just a few taps for our joint customer bases."
Under the partnership, PayPal is also expanding its AI strategy with OpenAI beyond commerce — scaling access to ChatGPT Enterprise for its 24,000+ employees, enabling engineers with Codex, and broadly expanding direct use of OpenAI's APIs.
The deal is another milestone in the rise of agentic commerce, coming after OpenAI's deal with Stripe and PayPal's agreement this week to integrate Mastercard's agentic payments platform into it wallet