PayPal launches products based on artificial intelligence
PayPal has announced the launch of new AI-based products aimed at improving customer service and increasing the company’s profitability.
This was reported by Reuters.
According to PayPal CEO Alex Chriss, the company will roll out an AI-based platform this year that will allow merchants to attract new customers based on their previous purchase history, using data from trade transactions totaling approximately half a trillion dollars worldwide.
The company is also launching a one-click payment feature that should increase the speed and convenience of shopping.
What AI products does PayPal plan to launch?
One of the new products that PayPal plans to introduce is “smart receipts” that will use AI to predict what a customer might want to buy next from a certain seller.
Receipts will also contain personalized recommendations and cashback offers from the merchant to encourage repeat purchases.
In addition, PayPal is introducing a one-click payment feature called Fastlane, which will allow customers to save their card information and delivery address and make purchases at the click of a button without entering a login and password.
PayPal has also announced new features for Venmo business profiles that will help small businesses get more feedback from their customers.
