The latest Venmo enhancements speed up PayPal checkout for consumers, helping merchants convert transactions like never before.
PayPal Holdings, Inc. announced six new innovations the company is piloting and bringing to market this year to revolutionise commerce through artificial intelligence (AI) driven personalisation for both merchants and consumers. Alex Chriss, President and CEO, PayPal, introduced a completely new PayPal checkout experience that radically speeds up checkout for consumers and helps merchants convert transactions like never before.
Alex Chriss, said, “PayPal is on a mission to revolutionise commerce, globally, and today we are starting the next chapter. With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s ecommerce transactions each year, but more importantly, shoppers trust PayPal to power their payments.”
“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. From new solutions for merchants to speed up checkout and personalise offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, to the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution,” Chriss added.
Fastlane by PayPal, a dramatically faster and smarter guest checkout experience; Smart Receipts, giving customers AI-personalised recommendations from merchants to keep them coming back; the PayPal advanced offers platform so merchants can provide relevant, personalised, real-time offers to consumers and drive more sales; a reinvented PayPal consumer app giving shoppers new ways to earn cash back and more reasons to use PayPal; and, Venmo’s enhanced business profiles, so small businesses can find and engage new customers, and grow their businesses.
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