PayPal to release bunch of AI-backed tools, 'one-click' checkout feature

Referring 2024 as "transition year" for PayPal, Chriss with these AI tools hopes to revive company's share value
The image shows PayPal app on phone. — Unsplash
The image shows PayPal app on phone. — Unsplash

Paypal, a leading online money transaction service provider, is launching a bunch AI-backed features and a one-click payment method.

The announcement comes as the newly appointed CEO, Alex Chriss, who joined PayPal last year in September, has taken his first significant measure to make the company flourish in the landscape digital payment systems.

 The spate of new AI products from the company are exemplary to underscore the ever rising interest of investors in AI, which also took the US stock market to embrace record high this month. 

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Referring 2024 as the "transition year" for the company, Chriss with these initiatives hopes to revive PayPal's share value that is 22 pc lower than the same month over the past year. He vows that his decisions will raise the company's earnings more than the transaction-centric volume.

According to Reuters, he said, "The data that we have and our ability to actually 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."

"The outcomes of the innovations ... are promising and should improve consumer and merchant experiences," Andrew Harte, an analyst at BTIG, said in a research note. "That said, we do not think investors will view any of them as groundbreaking new information, but instead initiatives they would have expected the company to already be working on."

PayPal has announced plans to launch a new platform this year that utilises artificial intelligence to help merchants connect with new customers based on their previous shopping habits. 

This platform will utilise data from the extensive volume of merchant transactions processed globally, totaling around half a trillion dollars. 

Similarly, merchants will have access to an AI tool called "smart receipts" which can suggest personalised items to customers in their email receipts, as well as offer cashback rewards.

In addition to these features, PayPal is also introducing a "one-click" checkout option called Fastlane, which has demonstrated a nearly 40% increase in checkout speeds during early testing. The company also mentioned new enhancements for Venmo business profiles.