PayPal and Venmo are in for an update with new AI-powered features،
According to a investigation conducted in 2023, as many as 75% of Americans agree with PayPal, making it the best digital payment app in the United States. To keep this crown firmly in place, the company is currently rolling out some changes, harnessing the power of AI.
PayPal announcement the launch of six new features on its platforms. These additions will leverage AI to help merchants increase sales, streamline the checkout process, and provide personalized offers tailored to each customer. All of these new features are expected to roll out in the United States throughout 2024.
In the words of Alex Chriss, President and CEO of PayPal:
PayPal is introducing six new innovations that will not only solve real-world customer problems, but we believe will change the world of payments and commerce.
What are the new features of PayPal?
Among the new additions is Fastlane, a feature introducing a one-click checkout experience for merchants on the PayPal platform. This feature allows shoppers to quickly browse their purchases with a single tap. By registering their information with Fastlane, customers can pay in a flash without having to remember their usernames or passwords, update their personal information or share their credit card details between various online businesses.
Screenshots of the Fastlane feature (Image credit – PayPal)
Smart Receipts is another new feature designed to provide customers with personalized merchant recommendations using AI. When shoppers make a purchase through PayPal, they receive a receipt that not only tracks their transaction, but also uses AI to predict their future purchasing preferences with that merchant. This means merchants can include a personalized recommendation as well as a cash back offer on the receipt.
Screenshots of the Smart Receipts feature (Image credit – PayPal)
And that's not all: PayPal will begin using customer information to develop a personalized advanced offers platform. The move allows merchants to connect with customers based on their actual shopping history on the Internet. The upcoming performance-based offerings platform will once again use AI to sift and analyze data from nearly half a trillion dollars of merchant transactions worldwide.
The platform will also allow merchants to personalize offers for customers, and they will be charged solely based on actual performance rather than just impressions or clicks. For PayPal users, this means they will receive more relevant offers and have more opportunities to earn rewards.
It's important to note that users will have the option to choose whether or not to share their data, which is a good thing because I suspect not everyone would be okay with sharing personal information.
PayPal will also revamp its app, introducing a new way for shoppers to earn money, known as CashPass. This feature allows users to access a multitude of cash back offers from top brands in the United States. To take advantage of this feature, users simply need to tap the offer, make their purchases and complete the transaction via PayPal.
Screenshots of the CashPass functionality (Image credit – PayPal)
CashPass is once again using AI to provide personalized offers to customers, tailoring them based on their purchasing behaviors. Starting in March, PayPal intends to launch CashPass with a series of launch partners, including Best Buy, eBay, McDonald's, Priceline, Ticketmaster, Uber and Walmart.
And finally, Venmo is stepping up its game with enhanced Venmo Business Profiles to make it easier for people to discover small businesses. These upgraded profiles will include subscribe buttons, profile leaderboards, and the ability to offer promotions.
For users, this means they can easily find top-ranked businesses recommended by their friends and benefit from cashback offers while supporting local businesses in their area.
