PayPal and Venmo are in for an update with new AI-powered features

What are PayPal’s new features?

Among the new additions is Fastlane, a feature introducing a one-click guest checkout experience for merchants on PayPal’s platform. This feature enables shoppers to breeze through their purchases with just a tap.

By saving their information with Fastlane, customers can check out in a flash without the hassle of remembering usernames or passwords, updating personal information, or sharing credit card details across various online businesses.

 

Smart Receipts is another new feature designed to provide customers with AI-personalized recommendations from merchants. When shoppers make a purchase using PayPal, they receive a receipt that not only tracks their transaction but also uses AI to predict their future purchase preferences from that merchant. This means merchants can include a personalized recommendation along with a cash back reward offer on the receipt.

 

And that's not all – PayPal will start using customer insights to develop a personalized advanced offers platform. This move empowers merchants to connect with customers based on their actual purchase history across the internet. The upcoming performance-based offers platform will again use AI to sift through 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 they will only be charged based on actual performance rather than just impressions or clicks. For PayPal users, this means they will receive more relevant offers and have more opportunities to earn rewards.

Importantly, users will have the option to choose whether or not to share their data, which is a good thing since I guess not everyone would be on board with sharing personal information.

PayPal will also give its app a makeover, introducing a new way for shoppers to earn cash back known as CashPass. This feature provides users with access to a plethora of cash back offers from leading brands in the US. To take advantage of this feature, users only need to tap on the offer, make their purchases, and complete the transaction using PayPal.

 

CashPass again uses AI to curate personalized offers for customers, tailoring them based on their shopping behaviors. Beginning in March, PayPal intends to kick off CashPass with a lineup of launch partners, including Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber, and Walmart.

And finally, Venmo is stepping up its game with enhanced Venmo business profiles to make it simpler for folks to discover small businesses. These upgraded profiles will include subscribe buttons, profile rankings, and the ability to offer promotions.

For users, this means they can easily find top-ranked businesses recommended by their friends and snag cashback deals while supporting local businesses in their area.