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

Key Takeaways:

– PayPal has announced six new features aimed at improving payment processes and ensuring timely payments.
– These features include a redesigned checkout experience, improved latency, and passwordless logins.
– AI will be used to reduce the time customers spend at checkout by half.
– A new guest checkout experience called Fastlane will eliminate the need for accounts and passwords while maintaining security.
– Smart Receipts will integrate AI to provide suggested products and recommendations based on previous activity.
– Venmo business profiles will be revised and the app will include cashback offers from participating retailers.
– These updates are being introduced as digital commerce is expected to reach $6 trillion this year.
– The updates will roll out to US customers throughout 2024, with no word on availability in other countries.

TechRadar:

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.

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AI Eclipse TLDR:

PayPal has announced six new features aimed at improving payment processes and ensuring timely payments. These updates include a redesigned checkout experience, as well as the integration of artificial intelligence (AI) technology. While the changes may not be immediately noticeable to end users, they are expected to reduce checkout time by half. Additionally, a new guest checkout experience called Fastlane will be introduced, eliminating the need for accounts and passwords while maintaining security. The post-shopping experience will also be enhanced with AI, as Smart Receipts will include integrated content such as suggested products and recommendations based on previous activity. Other changes include revised Venmo business profiles and a tweaked app that will offer cashback from participating retailers, referred to as CashPass. These updates come at a time when digital commerce is projected to reach around $6 trillion this year. PayPal plans to roll out these features to US customers throughout 2024, with no information yet on availability in other countries.