Nasdaq-listed PayPal Holdings Inc has announced six new innovations that the company is piloting and bringing to market this year to revolutionise commerce through artificial intelligence (AI)-driven personalisation for both merchants and consumers. 

The newest innovations, which will be rolled out in the US throughout 2024 and then globally, include a reimagined PayPal checkout experience, Fastlane by PayPal, Smart Receipts, PayPal advanced offers platform, a reinvented PayPal consumer app, and Venmo’s enhanced business profiles.

This announcement was made by Alex Chriss, President and CEO, PayPal, during the PayPal First Look Keynote at San Jose, California, on Thursday. 

Chriss noted that a reimagined PayPal checkout experience would give customers a 50 per cent faster and more delightful way to buy. Additionally, the new PayPal checkout will also leverage AI to become smarter and faster over time, he said. 

Fastlane by PayPal — a new one-click guest checkout experience that merchants using PayPal’s platform will be able to offer their shoppers — will provide dramatically faster guest checkout experience that reduces checkout completion time by 40 per cent, he added.

Customers simply save their information with Fastlane to check out in as little as one tap. No username or password to remember, no personal information to update, and no need to share credit card details with businesses all over the web.

Smart Receipts will provide customers personalised AI recommendations that are hyper-relevant and merchants can have more meaningful interactions, the PayPal CEO said.

PayPal’s Advanced Offers Platform will help merchants serve the relevant and highly personalised real-time offers to the company’s massive consumer base in a way that provides them with privacy and choice.

The new consumer app will give consumers more reasons to shop with PayPal, offering more rewards and more money in their pockets for the things they do every day, Chriss said.

Venom’s enhanced business profiles are the new growth platform for businesses. With this, small businesses can find and engage new customers, and grow their businesses, he noted.

“Our team is fired up to get these new innovations into the hands of our customers”, Chriss said. 

“PayPal is introducing six new innovations that will not only solve real customer pain points but, we believe, will change the world of payments and commerce”.

With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s e-commerce transactions each year,

With digital commerce expected to exceed $6 trillion in 2024, merchants need new, advanced ways to speed consumers through checkout seamlessly, reducing lost sales. Additionally, consumers are continuously looking to stretch their budgets and get as much value while shopping as possible. PayPal’s global scale and extensive data set, combined with the power of AI, will deliver the next generation of value for both consumers and merchants, Chriss said.