PayPal launching AI-powered products

PayPal announced Thursday it would be launching products powered by artificial intelligence (AI) to streamline and expedite transactions for its customers.

In its Thursday announcement, PayPal revealed that it will be launching six additional features on its platforms that will utilize AI to help merchants increase sales, make the checkout process more efficient and give personalized offers to each customer.

One of the new features is called “Smart Receipts,” which PayPal said will track a customer’s purchases and harness “AI to predict what they may want to buy next from that merchant.” PayPal said the feature will allow merchants to give personalized recommendations and cashback offers on its receipt.

Another feature will be the rollout of an advanced offers platform that will allow merchants to use customers’ shopping data and “reach customers based on what they have actually bought across the internet, down to the stock keeping unit (SKU) and the individual product.”

“PayPal is also building transparent, easy-to-use privacy controls so if a customer does not want their data shared with merchants to personalize their shopping experience — they can opt in or out,” the announcement stated.

PayPal also announced it would be reinventing its app and will give customers personalized shopping recommendations powered by AI.

“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,” Alex Chriss, President and CEO of PayPal, said in a statement.

“From new solutions for merchants to speed up checkout and personalize 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,” Chriss said.