PayPal has recently announced that it will be piloting several new updates to its service, many of which will utilize AI-driven personalization. Among these updates is a new cash-back offering known as “CashPass”, a feature called “Smart Receipts” that provides personalized recommendations, and enhancements to the checkout and guest experiences. Additionally, PayPal is also introducing improvements to Venmo for small businesses and a new offers platform for merchants.
CashPass: Personalized Cash-Back Offers
PayPal’s new “CashPass” feature will provide customers with access to hundreds of personalized cash-back offers. Users can simply click on an offer they are interested in, shop at the brand, and then check out with PayPal. CashPass uses AI to organize personalized offers for users based on their shopping behaviors. The app will regularly update with new offers, encouraging customers to check it frequently.
The company plans to launch CashPass in March with several partners, including Best Buy, eBay, Priceline, Ticketmaster, Uber, Walmart, and McDonald’s. Users will be able to combine these offers with other PayPal rewards, such as cash back from the PayPal Cashback Mastercard.
Smart Receipts: AI-Powered Shopping Predictions
Another new feature is “Smart Receipts”, which uses AI to provide customers with a receipt that not only tracks their order but also predicts what they may want to buy next from the brand. These predictions are based on shopper behavior data and what PayPal can see across the web. Brands can include a personalized recommendation and a cash-back reward offer on the receipt to increase their chances of re-engaging directly with customers.
Fastlane: One-Click Guest Checkout Experience
PayPal is also launching a new service called “Fastlane” that offers a one-click guest checkout experience. This feature will allow users to make quick purchases on merchant websites that use PayPal’s platform. Fastlane aims to simplify the checkout process by allowing customers to save their information and check out in one tap, without the need to enter a username or password or update their personal information.
