PayPal’s new CEO Alex Chriss announced new features in a much-hyped video announcement on Thursday that give customers more reasons to shop with PayPal and will help merchants boost conversion and increase post-purchase sales. Chriss, who took over from Dan Schulman in September, said PayPal’s 35 million merchants serve over 400 million of its consumer accounts in over 200 markets around the world – nearly 25 billion transactions a year.
Chriss walked through the following six features in a video presentation on Thursday that included the following:
1) A completely new PayPal checkout experience radically speeds up check out for consumers and helps merchants convert transactions. “PayPal has massively accelerated the checkout process to enable customers to log in with their face or fingerprint with one tap.”
2) Fastlane by PayPal is a dramatically faster and smarter guest checkout experience.
3) Smart Receipts offers AI-personalized recommendations from merchants to keep buyers coming back. “When consumers shop with PayPal, they will receive a receipt that allows them to not only track their purchase, but also harnesses AI to predict what they may want to buy next from that merchant. As a result, now merchants will be able to include a personalized recommendation along with a cashback reward offer on the receipt.”
4) The PayPal advanced offers platform lets merchants provide relevant, personalized, real-time offers to consumers to drive more sales. (Customers can opt out.)
“This new, performance-based offers platform has the potential to use AI to organize and analyze data from nearly half a trillion dollars’ worth of merchant transactions globally. The platform will also allow merchants to customize offers for customers, and merchants will only pay for performance, not impressions or clicks.”
5) A reinvented PayPal consumer app gives shoppers new ways to earn cash back and more reasons to use PayPal.
“PayPal is introducing CashPass to give customers access to hundreds of exciting, personalized cash back offers from top brands in the U.S. A user will simply need to tap on the offer, shop at that business, and check out with PayPal. CashPass uses AI to organize personalized offers for customers based on shopping behaviors, and customers will regularly discover new cash back offers giving them more reasons to visit the app.
“Starting in March, PayPal is planning to launch CashPass with an amazing set of launch partners, so consumers can access offers from merchants such as Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber, and Walmart.”
6) Venmo’s enhanced business profiles lets small businesses find and engage new customers and grow their businesses.
PayPal will roll out the new features in the US throughout 2024.
