PayPal plans to launch a variety of AI products for users and merchants

PayPal announced on January 25 that it will launch a variety of artificial intelligence (AI) products for end users and merchants. All of these new experiences will begin rolling out in the U.S. in 2024. "The data that we have and the fact that we can actually see what people are buying and understand what the merchant's goals are, that's what I think AI will do for us," PayPal President and CEO Alex Chriss told Reuters in an interview. That’s where the huge opportunity lies.” PayPal will launch the CashPass feature to provide users with personalized cash back offers based on AI analysis of their consumption activities. CashPass will be available starting in March, initially with companies including Best Buy, eBay, McDonald's, Priceline, Ticketmaster, Uber and Walmart. Users can get even bigger returns by combining the feature with PayPal's Cashback Mastercard and savings accounts. In addition, PayPal will introduce Smart Receipts feature. It will use AI to recommend shopping to users and help merchants attract repeat customers. PayPal said merchants will be able to provide personalized recommendations and offer cash back rewards. PayPal also announced its Advanced Offers Platform, an AI-powered promotional tool that will draw on approximately $500 billion in merchant transaction data globally. PayPal says this will allow merchants to only pay based on performance rather than impressions or clicks, while providing end users with “more relevant offers and more opportunities to earn rewards.” PayPal also announced a new one-click checkout feature called Fastlane, updated Venmo Business Profiles, and introduced the ability to log in to checkout based on a key (i.e. face or fingerprint). It did not say whether the three features use AI technology. (Cryptoslate)