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PayPal announced today that it will begin piloting a few new updates to its service, some of which will take advantage of AI-powered personalization. The company is introducing a new “CashPass” cash back offering, “Smart Receipts” with personalized recommendations, improved checkout and guest experiences, Venmo enhancements for small businesses and a new offering platform for merchants.
The company announced that its app is getting a new “CashPass” feature that gives users access to hundreds of personalized cashback offers. If you find an offer you like, all you need to do is click on it, shop the brand and then checkout with PayPal. CashPass uses AI to curate personalized offers for customers based on their shopping behavior, the company says. The app will regularly feature new offers, so users are encouraged to check it often.
PayPal plans to launch CashPass in March with a handful of partners, including Best Buy, eBay, Priceline, Ticketmaster, Uber, Walmart and McDonald’s. Customers will be able to stack offers with other PayPal rewards, such as PayPal Cashback Cashback from Mastercard.
PayPal is rolling out a new AI-powered “Smart Receipts” feature for consumers and brands. When customers make a purchase with PayPal, they’ll soon receive a receipt that lets them track the order, but also see predictions of what they might want to buy next from the brand. Receipts will take advantage of AI-powered suggestions based on shopper behavioral data, along with what PayPal can see from across the web.
With Smart Receipts, brands will be able to add personalized recommendations along with cash back rewards offers at the receipt to increase their chances of direct re-engagement with consumers.
The company is also launching a new “Fastlane” service that offers a new guest checkout experience that will allow customers to make quick purchases on merchant websites that use PayPal’s platform. PayPal notes that standard guest checkout experiences are slow, and require users to update their credit card information and shipping address. Customers will soon be able to save their information with Fastlane for one-tap checkout. They will not need to enter a username or password or update their personal information.
As for PayPal’s regular checkout experience, the company says it has sped it up to improve latency to enable customers to checkout faster. PayPal is integrating its Passkey support directly into the redesigned checkout experience. Additionally, the checkout experience will leverage AI to get “faster and faster over time,” the company says.
Additionally, PayPal announced that it is introducing enhanced Venmo business profiles to help small businesses get discovered. Venmo relaunched business profiles in 2021 to give businesses an easier way to accept payments, but PayPal says it’s aware that standing out and getting noticed on social media can be difficult. Maybe, which is why he’s launching the next evolution of business profiles. The new profiles will add a subscribe button, profile ranking and the ability to make offers. Promotions to customers.
For merchants, PayPal is building a personalized, innovative offers platform that will give them the ability to reach customers based on what they’ve actually purchased on the Internet. PayPal says the platform will use AI to “organize and analyze data from nearly half a trillion dollars worth of commercial transactions globally.” The platform will also allow merchants to customize offers for customers. Users who do not want their data to be used to receive more relevant offers can opt out of sharing their data with merchants.