Subj : PayPal reveals new AI tools to make sure your business always get
To   : All
From : TechnologyDaily
Date : Fri Jan 26 2024 15:15:05

PayPal reveals new AI tools to make sure your business always gets paid

Date:
Fri, 26 Jan 2024 15:00:42 +0000

Description:
PayPal is speeding up checkout experiences and encouraging return custom with 
a range of AI-assisted updates.

FULL STORY
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PayPal has announced six new features coming to PayPal and Venmo designed to 
give payment processes a much-needed boost, and to ensure that payments are 
always made on time. 

Besides a redesigned checkout experience, PayPal President and CEO Alex 
Chriss unveiled a handful of other tools, including a smattering of 
artificial intelligence. 

The platform, which has 400 million consumer accounts and 35 million merchant 
accounts according to the companys latest figures, now handles around one 
quarter of the worlds ecommerce transactions annually. PayPal checkout is 
getting better 

Starting with the checkout experience, the changes are largely 
behind-the-scenes upgrades that are designed to reduce friction for 
customers, including improved latency and passkey integration for 
passwordless logins. 

Though end users wont notice any visible changes, these improvements together 
with AI will help halve the time that customers spend at checkout, according 
to PayPal. 

A new guest checkout experience is also coming later this year. Called 
Fastlane, it promises to eliminate the need for accounts and passwords while 
maintaining a level of security that means customers wont have to share their 
payment details directly with online retailers, giving them an additional 
layer of protection. 

The post-shopping experience will also see an AI injection, with Smart 
Receipts set to get integrated content like suggested products and 
recommendations based on previous activity, which could see online retailers 
boost loyalty. 

Other changes include revised Venmo business profiles and a tweaked app that 
will include cashback offers from participating retailers an initiative 
PayPal is calling CashPass. 

These changes come at a time when digital commerce is expected to account for 
around $6 trillion this year. 

Speaking of the updates, Chriss said: PayPal has always brought the future of 
money to our consumers and merchants and today marks the next revolution. 

PayPal says that the updates will roll out to US customers throughout 2024, 
but there has been no word on availability in other countries so far. More 
from TechRadar Pro Weve rounded up the best payment gateways Squarespace is 
making running an ecommerce business a whole lot easier Fancy getting 
yourself online? Start with one of the best free website builders



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Link to news story:
https://www.techradar.com/pro/paypal-reveals-new-ai-tools-to-make-sure-your-bu
siness-always-gets-paid


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