PayPal to launch new AI-based features

New PayPal products, based on artificial intelligence, will hit the market this year to accelerate the payment system

The digital payment platform PayPal announced that 2024 will be its year of foray into artificial intelligence, with the launch of new functions that will optimize services.

According to the platform’s announcement, customers, both commercial and private, will soon enjoy greater speed and efficiency in daily transactions thanks to six new functions supported by AI.

The press release issued last Thursday referred to personalized offers, profiles for brands, cash back, one-click payments, among others.

Alex Chriss, president and CEO of the company, said: “PayPal is on a mission to revolutionize global commerce, and today we are starting the next chapter.” In this sense, he pointed out that they have six new innovations ready that will establish a significant change in the world of payments and commerce.

PayPal’s news in 2024

The platform plans to launch a feature that allows sellers to reach new customers by following their previous purchase history. To do this, they will “organize and analyze data from commercial transactions worth almost half a trillion dollars around the world.”

On the other hand, they have presented a new offer for the cash back system, called CashPass and that “will be added to your payments’ application” to give access to hundreds of personalized cash back offers. AI organizes such offers for users based on their purchasing behaviors.

The list of new functions also includes “Smart Receipts”, which consists of a function that will issue a receipt at the time of purchase, which will be sent to the customer. With this, it will be possible to “track their order and see predictions of what they might want to buy soon.” In parallel, the feature “will allow brands to include personalized recommendations along with a cash back reward offer on the receipt.”

The one-click payment function, called “Fastlane”, is also part of the new customer options. In the tests carried out, it accelerated the payment speed by almost 40 %. PayPal has added that customers will also see improvements in latency during the payment process.


Source: Diariobitcoin

(Reference image source: Marques Thomas, Unsplash)

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