PayPal announced today that it will begin testing a few new updates to its service, some of which will take advantage of AI-based personalization. Company Introduces New CashPass Cash Back Offering Called Smart Receipts, Featuring Personalized Recommendations, Enhanced Payment and Customer Experiences, Venmo Enhancements for Small Businesses, and New Deals Platform for Merchants .
The company announced that its app is gaining a new “CashPass” feature that allows customers to access hundreds of personalized cash back offers. If you come across a deal you like, simply click on it, purchase from the brand, then pay with PayPal. The company says CashPass uses AI to curate personalized offers for users based on their purchasing behaviors. The app will feature new offers regularly, so customers are encouraged to check back often.
PayPal plans to launch CashPass in March with a handful of partners, including Best Buy, eBay, Priceline, Ticketmaster, Uber, Walmart and McDonald’s. Users will be able to stack the offers with other PayPal rewards, such as cash back from the PayPal Cashback Mastercard.
With PayPal’s new AI-powered “Smart Receipts” feature for customers and brands, when customers shop with PayPal, they will soon receive a receipt that allows them to track the order and see predictions about what they might want to buy from the brand next. Receipts will leverage AI-driven suggestions based on buyer behavior data, combined with what PayPal can see across the web.
With Smart Receipts, brands will be able to include a personalized recommendation as well as a cash back offer on the receipt to increase their chances of directly reconnecting with customers.
The company is also launching a new service “Fastlane” which offers a one-click checkout experience that will allow users to make quick purchases on merchant websites using the PayPal platform. PayPal notes that standard customer checkout experiences are slow and require users to update their credit card information and shipping address. Customers will soon be able to register their information with Fastlane to make a payment with just one click. 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 help customers check out faster. PayPal is also integrating its Passkey support directly into the redesigned checkout experience. Additionally, the payment experience will leverage AI to become “smarter and faster over time,” the company claims.
Additionally, PayPal announced the introduction of enhanced Venmo Business Profiles to help small businesses get discovered. Venmo launched business profiles in 2021 to give businesses an easy way to accept payments, but PayPal says it realizes it can be difficult to stand out on social media and get noticed, which is why it launches the next evolution of professional profiles. New profiles will add subscribe buttons, profile leaderboards, and the ability to offer promotions to consumers.
For merchants, PayPal is creating a personalized advanced offers platform that will provide them with the ability to reach customers based on what they actually purchased on the Internet. The platform will use AI to “organize and analyze data from merchant transactions worth nearly half a trillion dollars worldwide,” PayPal says. The platform will also allow merchants to personalize offers for customers. Customers who do not want their data to be used to receive more relevant offers can opt out of having their data shared with merchants.
