PayPal is rolling out new features in 2024 to better compete with other payment processors. One big change is using AI to target customers with special offers. Because PayPal is used across most online retailers, it can leverage its data to do just that.
PayPal is also rolling out new cash back options and fast checkout. This is mostly aimed at Shopify’s “Shop” app, which has already rolled out these feature. Crypto Slate says:
PayPal announced a feature called CashPass, which will use give users personalized cashback offers based on an AI analysis of their spending activity.
CashPass will be available starting in March. It will initially launch with participation from major companies including Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber, and Walmart. Users can earn greater rewards by combining the feature with PayPal’s Cashback Mastercard and savings accounts.
Paypal is shaping out to become an even larger player in the financial marketplace. It already has paying in installments, credit cards, checking and savings accounts, and a crypto exchange. Newsweek looks at how the new CEO is leading these changes:
Newly appointed president and CEO Chriss said the company is poised to transform the e-commerce experience, bringing the entire industry forward while leveraging AI to do it.
”PayPal is on a mission to revolutionize commerce, globally, and today we are starting the next chapter,” Chriss, who announced the six new product innovations at its PayPal First Look keynote, said in a statement shared with Newsweek. “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.”
Despite these changes, Paypal’s stock fell by around 6% on Thursday, before climbing back up Friday. These new innovations will no doubt cost PayPal in the short term, but could yield more returns in the long term. The EU’s anti-trust investigation of Apple Wallet could potentially allow PayPal to be used as the default wallet on iPhones.
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