PayPal launches new AI features to improve user’s experience

PayPal recently announced a series of new features that will useartificial intelligence to further personalize the service offered to users. These new features include a cashback program called “CashPass,” smart receipts, improvements for small stores on Venmo, and a new bidding platform for merchants.

CashPass: a smart way to get cashback

One of the new features introduced by PayPal is CashPass, a personalized cashback program that gives customers access to hundreds of exclusive offers. Using artificial intelligence, CashPass organizes personalized offers based on users’ purchasing behavior. Users will be able to view new offers regularly within the PayPal app and will be able to accumulate these cashbacks with other rewards offered by PayPal, such as cashback from the PayPal Cashback Mastercard.

Some of the partners that will participate in the CashPass program include Best Buy, eBay, Priceline, Ticketmaster, Uber, Walmart and McDonald’s. Users will be able to simply click on the desired offer, make the purchase from the brand and pay with PayPal to take advantage of the cashback.

Smart receipts: personalized predictions for users

With the introduction of smart receipts, PayPal offers users the ability to track their orders and receive personalized suggestions based on their purchasing behaviors. Through the use of artificial intelligence, PayPal will be able to suggest products or services to users that might interest them based on their previous purchases. These smart receipts also give merchants the ability to include personalized recommendations and cashback offers to increase customer interaction.

Enhanced checkout experience with Fastlane

PayPal has also introduced a new service called Fastlane, which offers users a simplified and fast checkout experience. Fastlane allows users to make quick purchases on merchant websites using the PayPal platform. Unlike traditional guest checkout processes, which require users to enter credit card information and shipping address, Fastlane allows users to save this information to make a one-touch payment. Users no longer have to enter username, password or update personal information.

PayPal has also simplified and accelerated the traditional checkout process, minimizing latency to enable users to complete their purchase more quickly. In addition, the checkout process will use artificial intelligence to become smarter and faster over time.

Business profiles on Venmo to help small stores

Venmo, a PayPal-owned payment platform, introduced business profiles to provide an easy way for merchants to accept payments. However, PayPal has noticed that it can be difficult for small stores to get noticed on social media. For this reason, PayPal has launched an evolution of business profiles on Venmo. The new profiles will include subscription buttons, profile leaderboards, and the ability to offer promotions to consumers.

Advanced bidding platform for merchants

For merchants, PayPal is developing an advanced personalized bidding platform that will allow them to reach customers based on their Internet purchases. Usingartificial intelligence, this platform will analyze transaction data from merchants worth nearly half a trillion dollars globally. Merchants will be able to customize offers for customers based on their preferences. Users who do not wish to receive personalized offers will be able to choose not to share their data with merchants.