Paypal gets ready to launch Six AI-powered services

One of the biggest tech revolution of out time is AI. This innovation continues to find creative uses across all industries. Of course, every company is trying to see how AI could help it finetune their product or service and make them better. Paypay has joined this list.

The Tech giant Paypal announced few days ago that they are working on products that will utilize AI to create a streamlined customer experience as the payment giant experienced a decline in their stock recently. A total of 6 products are being developed and would soon be deployed to improve various areas of its services. Consider the following three:

Fastlane - reducing the time and tasks required to checkout

• The Problem: Customers have to navigate rigorous, time-consuming steps in order to check out. While this is the final interaction between merchant and buyer, it takes more time than usual. The invited interruptions like having to remember passwords and credit card information spoils the whole joy of shopping. How about checking out in one click?

• The Solution - Fastline: With this new AI-powered service added to checkout, buyers would not have to go through various processes to checkout. The aim of Fastlane is to eliminate all unnecessary checkout requirements like submitting sensitive personal details first.

With fastlane, the customer saves their data once and will not need to remember anything again. Once they are ready to checkout, the AI powered fastlane connects the data already saved and allows the buyer to pay in one click. With this, even first time buyers would have their personal data secured while being able to check out without having to remember or submit many details. The check out process is thus streamlined and easy.

Smart Receipts - personalized recommendations and rewards

• The problem: Finding what to buy next is not easy. Buyers are bombarded with recommendations that are irrelevant at best and expensive at worst. Merchants thus miss out on potential repeat purchases and buyers spend more time looking for what to buy.

• The solution: Paypal Smart receipt is an AI-powered service that can help customers find the next purchases to make. The smart receipt will include recommendations of products from the merchant or shop that the customer might need to buy next time. The AI recommendations will be based on the customer behavior and shopping history. Thus, it will be a personalized recommendation.

Apart from the relevant recommendations which are powered by AI, the smart receipts also include discounts that the merchant would offer to the buyer if the pick any one of the recommended products in the next purchase. Customers could equal see the location of their ordered goods from the smart receipts by tracking them. Thus, the digital receipts are not just a summary of the amount spent, but other AI-powered features which the buyer definitely need for future purchases.

Advanced offers platform - accessible customer purchase history

• The Problem: Merchants really want to stay in touch with their customers and make them buy again. It is such a struggle to achieve that today. Merchants still use the traditional methods like email to reach out to customers. Besides, it is difficult to sort customers based on purchase.

• The Solution - Advanced offers platform: This is another AI-powered service that Paypal will soon deploy. This tool will give merchants the ability to find customers based on their purchases. Thus, it will be possible to offer customers goods and services based on their purchase history. Merchants can even offer discounts in order to make customers buy again.

The real value of Advanced offers platform is that merchants are able to target their promotion campaigns on customers that are more likely to make purchases. The AI will make it easy for merchants to have personalized data of user purchase history. Customers will also have access to offers and recommendations from millions of merchants all over the world.

Finally

Paypay has joined the bandwagon of many organizations that are leveraging the amazing power of AI to improve their services and achieve excellent user experience. These AI products above are still being developed. Some of them are to be deployed as early as March 2024. So Paypay merchants and customers have a lot to look forward to with AI.

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