BAKU, Azerbaijan, January 29. PayPal will launch an artificial intelligence-based platform in 2024, Trend reports, referring to the FinTech company.
According to PayPal, the platform will allow retailers to acquire new customers by leveraging data from prior transactions, totaling over half a trillion dollars in value from merchants globally.
In addition, the company plans to develop a one-click payment tool.
Since the advent of the new CEO, Alex Chriss, in September 2023, the company's focus has turned dramatically toward producing new products based on AI neural networks. This strategic decision exemplifies the company's efforts to attract investors' attention in the field of artificial intelligence.
The CEO also indicated that 2024 is poised to be a crucial year for PayPal, pledging substantial efforts to enhance the company's profitability.
"Merchants will be able to use a unique neural network-driven technology called Smart Receipts. This solution allows them to suggest tailored products to clients via email receipts while earning rewards. PayPal is also introducing Fastlane, a one-click checkout option that, in early tests, showed a roughly 40 percent increase in checkout speed. Additionally, new functionality for Venmo company profiles is being rolled out," the company said.