PayPal and Venmo have unveiled a revamped checkout and guest checkout experience. Additionally, they’ve launched a new advanced offers platform for merchants and a new consumer app aimed at earning cash back and providing customers with more incentives to shop with PayPal. The new updates on Venmo are designed to help local small businesses get discovered and grow.
PayPal Holdings, Inc. has announced six new innovations the company is piloting and bringing to market this year, with the aim of revolutionizing commerce through artificial intelligence-driven personalization for both merchants and consumers.
During the PayPal First Look keynote, President and CEO Alex Chriss introduced a completely redesigned PayPal checkout experience to significantly speed up the checkout process for consumers while helping merchants convert transactions like never before. Fastlane by PayPal offers a much faster and smarter guest checkout experience, while Smart Receipts provides customers with AI-personalized recommendations from merchants to encourage repeat business. PayPal has also introduced a feature with advanced offers, allowing merchants to deliver relevant, personalized, real-time offers to consumers and drive more sales.
Furthermore, a reinvented PayPal consumer app was unveiled, offering shoppers a new way to earn cash back and more incentives to use PayPal.
“PayPal is on a mission to revolutionize commerce globally, and today we are starting the next chapter,” said Chriss. “With nearly 400 million consumer accounts and 35 million merchant accounts, PayPal processes transactions for about a quarter of the world’s e-commerce transactions each year. But more importantly, shoppers trust PayPal to power their payments.”
”Change the world of payments and commerce”
Chriss continued, “PayPal is introducing six new innovations that will not only address real customer pain points but also, we believe, change the world of payments and commerce. From new solutions for merchants to expedite checkout and personalize offers to a new consumer app that will provide our loyal customers with 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.”
PayPal predicts that digital commerce is expected to exceed $6 trillion in 2024, underscoring the need for merchants to adopt new advanced methods to streamline customers through checkout in a seamless manner that reduces lost sales.
