Paypal is testing a series of new, artificial intelligence-powered innovations with the goal of implementing features that will drive more traffic to e-commerce businesses.
The first feature, titled CashPass, delivers tailored cash-back offers to customers based on their shopping history, alongside a streamlined purchase process for users who click on a promotion. The second feature, called Smart Receipts, displays individualized product suggestions in a customer’s order confirmation email, giving them the chance to consider other purchases from the same brand. Paypal plans to launch Cashpass in March but has yet to set a timeline for Smart Receipts.
Other new features include a streamlined checkout system that allows users to login to their Paypal account using their smart device’s thumbprint or face recognition capabilities, as opposed to manually entering password information for every purchase. The company plans to leverage artificial intelligence to refine the payment process further.
To make things even more convenient for shoppers, e-commerce businesses will soon be able to offer a one-click pay option by using the Fastlane by PayPal feature, which uses data to confirm a person’s identity rather than relying on credentials. This tool is currently being piloted by a select group of sellers.
Paypal is also implementing an Advanced Offers Platform that it says will help e-commerce businesses pursue leads more efficiently and with higher success rates. Rather than leveraging browsing data, the new feature instead uses artificial intelligence to comb through global transaction records and build accurate shopper profiles. This gives merchants the ability to push personalized offers and product recommendations to customers who are far more likely to buy from their brand than the average internet user. Unlike other advertising systems, the Advanced Offers Platform only requires payment when a lead is successfully converted rather than on a per-click basis.