PayPal and Venmo introduced six innovations that aim to revolutionize commerce for customers and merchants through the help of AI.

The company also revealed that PayPal has accumulated nearly 400 million consumer accounts and 35 million merchant accounts. 

Read Also: US Consumer Watchdog Proposes Regulations for Big Tech Payment Companies

PayPal Debuts Fastlane, Smart Receipts 

According to PayPal, several merchants have lost sales due to the slow checkout process. Hence, the company introduced Fastlane by PayPal which is a one-click guest checkout experience that will improve the checkout process. 

Customers only need to save their information on Fastlane to use its feature. In addition, it does not require username or password input or any credit card information across the web. 

Meanwhile, merchants who want to incentivize customers to encourage them to come back may use Smart Receipts. 

"When consumers shop with PayPal, they will receive a receipt that allows them to not only track their purchase, but also harnesses AI to predict what they may want to buy next from that merchant," the company explained. 

PayPal Introduces Next-Generation Venmo Business Profiles 

Venmo business profiles were first launched in 2021 to help businesses accept payments. To help small businesses gain hype, Venmo has improved its business profiles which now feature subscribe buttons and profile rankings. 

Moreover, the profile will also show if the business has ongoing promotions to the customers. "For consumers, they will be able to discover top-ranked businesses endorsed by their network and enjoy cashback deals when supporting local businesses in their community," the company added. 

Aside from these, PayPal will also roll out CashPass which will enable customers to receive hundreds of personalized cash-back offers from various brands in the U.S. The feature will use AI to organize personalized offers.

The CashPass will be available to select merchants starting in March while other features will gradually be released throughout the year. 

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