PayPal launching AI-powered products | The Hill

PayPal announced Thursday that it is launching products that leverage artificial intelligence (AI) to streamline and speed up transactions for customers.

in Thursday's announcementPayPal has announced that it plans to release six additional features on its platform that use AI to help merchants increase sales, streamline the checkout process, and provide personalized offers to each customer. revealed.

One of the new features is called “Smart Receipts,” which PayPal says tracks a customer's purchases and “uses AI to predict what they might want to buy next from that seller.” PayPal says the feature will allow merchants to provide personalized recommendations and cashback offers right on the receipt.

Another feature is that merchants can use customer shopping data to “reach customers based on what they actually purchased on the Internet, down to stock-keeping units (SKUs) and individual products.” Deployment of an advanced offer platform.” ”

“PayPal is also building transparent and easy-to-use privacy controls so customers can opt in or out if they don't want their data shared with merchants to personalize their shopping experience,” the announcement said. It is being

PayPal also announced that it is redeveloping its app and leveraging AI to provide personalized shopping recommendations to customers.

“PayPal is introducing six new innovations that not only solve real pain points for customers, but also improve payments and commerce,” Alex Criss, president and CEO of PayPal, said in a statement. I believe it will change the world.”

“From new solutions for merchants that speed up checkout and personalize offers, to a new consumer app that gives your loyal customers even more reasons to shop with PayPal, to the next product designed as a growth platform for local small businesses. From generations of Venmo to PayPal, we've always brought the future of money to consumers and merchants, and today marks the next revolution,” Chris said.