PayPal (NASDAQ: PYPL) is planning to launch several new artificial intelligence (A.I.) products as the company tries to turnaround its faltering payments business.
Specifically, PayPal is introducing a platform that uses A.I. to enable merchants to reach new customers based on their prior shopping history.
Later this year, merchants will also be able to use a separate A.I. tool called “smart receipts” that recommends personalized items to shoppers in their email receipts, along with a cashback reward.
PayPal is also launching a one-click checkout feature called “Fastlane” that accelerates checkout speeds by 40%, the company said.
The A.I. features are the first major announcements under new chief executive officer (CEO) Alex Chriss, who joined PayPal from Intuit (NASDAQ: INTU) last September.
Chriss has previously referred to 2024 as a “transition year” for PayPal and has promised to grow revenues beyond payment transactions.
The A.I. product announcement comes before PayPal reports its fourth-quarter financial results on Feb. 7.
The stock of PayPal has declined 25% in the last 12 months to trade at $60.71 U.S. per share. Over the past five years, PayPal’s share price has fallen 33%.
