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PayPal Unveils New AI-Powered Updates, Including Cash Back Feature And ‘Smart Receipts’

paypal-unveils-new-ai-powered-updates-including-cash-back-feature-and-smart-receipts

PayPal has revealed its plans to pilot several new updates, leveraging AI-driven personalization. These updates include a cash back feature called “CashPass,” the introduction of “Smart Receipts” with personalized recommendations, enhanced checkout and guest experiences, Venmo enhancements for small businesses, and a new offers platform for merchants.

Key Takeaway

PayPal is set to introduce innovative AI-powered features, including CashPass and Smart Receipts, aiming to enhance user experience and personalization while offering new opportunities for savings and engagement.

New Cash Back Feature: CashPass

PayPal’s app will soon feature a new “CashPass” offering, providing customers with access to personalized cash back offers from various brands. Leveraging AI, CashPass will curate these offers based on users’ shopping behaviors and regularly present new opportunities for savings. The feature is set to launch in March, with initial partners including Best Buy, eBay, Priceline, Ticketmaster, Uber, Walmart, and McDonald’s. Users can also combine these offers with other PayPal rewards, such as cash back from the PayPal Cashback Mastercard.

AI-Powered Smart Receipts

PayPal is set to introduce “Smart Receipts,” which will not only serve as a record of transactions but also provide AI-powered suggestions for future purchases based on customer behavior data. Brands will have the opportunity to include personalized recommendations and cash back reward offers on these receipts, aiming to enhance customer engagement.

Enhanced Checkout and Guest Experiences

The company is launching “Fastlane,” a one-click guest checkout experience, streamlining the purchase process on merchant websites using PayPal’s platform. Additionally, PayPal has accelerated its regular checkout experience, integrating Passkey support and leveraging AI to continually enhance speed and efficiency.

Venmo Enhancements for Small Businesses

PayPal is rolling out enhanced Venmo business profiles, offering features such as subscribe buttons, profile rankings, and the ability to provide promotions to consumers, aiming to help small businesses gain visibility and engagement.

Advanced Offers Platform for Merchants

Merchants will soon have access to a personalized advanced offers platform, utilizing AI to analyze a vast amount of global transaction data. This platform will enable merchants to tailor offers based on customers’ purchase history, while also providing customers with the option to opt out of data sharing for personalized offers.

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