In an attempt to bolster its innovation and growth capabilities, PayPal has unveiled six new products and solutions that will help them achieve this in 2024.
Revealed during a First Look keynote delivered by PayPal President and CEO Alex Chriss, the payments company used the stage to announce its commitment to “revolutionising commerce” through emerging technologies such as AI for merchants and consumers alike.
PayPal believes that due to the digital commerce sector projected to exceed $6 trn in global growth revenue by 2030, it is looking to address consumer needs and demands as the economic strain continues to hit their pockets through new and innovative methods.
One of PayPal’s first innovations it revealed last Friday was the ‘Transforming Checkout’ feature. This aims to “massively accelerate” the checkout process by integrating passkeys to enable more efficient customer log-ins, whether via their face or fingerprint with one tap.
Another innovation revealed further focuses on speeding up the checkout process by introducing ‘Fastlane by PayPal’. This feature provides a one-click guest checkout by removing the friction of paying manually by saving their personal information with no username or password required, being able to make the payment in one click.
PayPal’s ‘Smart Receipts’ aims to address customer retention for retailers by tapping into AI to create personalised recommendations to offer consumers real-time offers from the same retailer, whilst also storing the information of the initial purchase.
The fourth PayPal innovation, ‘Advanced Offers Platform’ further delves into AI by analysing data to create personalised advanced offers by eliminating irrelevant ads and tailor ones for the customers preferences.
Further developments to the PayPal app are also a part of the company’s six innovations. The payment firm plans to launch ‘CashPass’ on the app in March which will enable users to get personalised cash back offers from a range of brands in the US.
The final innovation PayPal addressed was a ‘Next Generation for Venmo Business Profiles’. This will help small businesses in particular, helping them grow their presence through digital innovations.
“PayPal is on a mission to revolutionise commerce, globally, and today we are starting the next chapter,” said Chriss.
“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.”
He continued: “PayPal is introducing six new innovations that will not only solve real customer pain points, but we believe will change the world of payments and commerce.
“From new solutions for merchants to speed up checkout and personalise offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, to the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution.”