Monday, July 22, 2024

PayPal to ‘revolutionise’ commerce with new innovations

PayPal has announced six new innovations the company is piloting and bringing to market this year.

According to the company, the new technology will “revolutionise” commerce through artificial intelligence (AI) driven personalisation for both merchants and consumers.

During the PayPal First Look keynote, PayPal President and CEO Alex Chriss introduced:

  • A “completely new” PayPal checkout experience that “radically speeds up” check out for consumers and helps merchants convert transactions “like never before”.
  • Fastlane by PayPal, a “dramatically faster and smarter” guest checkout experience.
  • Smart Receipts, giving customers AI-personalised recommendations from merchants to keep them coming back.
  • The PayPal advanced offers platform so merchants can provide relevant, personalised, real-time offers to consumers and drive more sales.
  • A “reinvented” PayPal consumer app giving shoppers new ways to earn cash back and more reasons to use PayPal.
  • Venmo’s “enhanced” business profiles, so small businesses can find and engage new customers, and grow their businesses.

“PayPal is on a mission to revolutionise commerce, globally, and today we are starting the next chapter,” says Mr Chriss.

“With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s e-commerce transactions each year, but more importantly, shoppers trust PayPal to power their payments.

“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. From new solutions for merchants to speed up checkout and personalize offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution.”

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