PayPal has unveiled its plans to initiate trials for several upcoming updates to its service, with a focus on AI-driven personalization. Among the innovations, the company is introducing a new “CashPass” cash back program and “Smart Receipts” featuring tailored recommendations. Enhancements to checkout and guest experiences, Venmo improvements for small businesses, and a new offers platform for merchants are also in the pipeline.
The company’s app will introduce the “CashPass” feature, granting users access to numerous personalized cash-back offers. Users can simply select an offer, shop at the corresponding brand, and complete their transaction with PayPal. Leveraging AI, CashPass organizes personalized offers for users based on their shopping habits. The app will continuously refresh with new offers, encouraging users to check back regularly.
PayPal is set to debut at CashPass in March, partnering with several major brands including Best Buy, eBay, Priceline, Ticketmaster, Uber, Walmart, and McDonald’s. Users will have the flexibility to combine these offers with other PayPal rewards, such as cashback from the PayPal Cashback Mastercard.
Additionally, PayPal is introducing an AI-powered “Smart Receipts” feature for both customers and brands. Upon shopping with PayPal, customers will receive a receipt enabling them to track their order and view predictions of potential future purchases from the same brand. These receipts will harness AI-driven suggestions based on shopper behavior data, coupled with insights gleaned by PayPal across the web.
Through Smart Receipts, brands will have the opportunity to incorporate personalized recommendations alongside cash-back reward offers on receipts, enhancing their ability to reconnect directly with customers.
Furthermore, the company is introducing a new “Fastlane” service, offering a streamlined one-click guest checkout experience for users on merchant websites using PayPal’s platform. PayPal acknowledges that standard guest checkout processes can be sluggish, often requiring users to update credit card details and shipping addresses. With Fastlane, customers can save their information for one-tap checkout, eliminating the need to input usernames, and passwords, or update personal details.
Regarding PayPal’s standard checkout process, the company has expedited it to enhance latency, ensuring faster checkouts for customers. Additionally, PayPal is directly integrating its Passkey support into the redesigned checkout experience. Furthermore, the checkout process will utilize AI to become “smarter and faster over time,” according to the company.
