Company introduces reimagined checkout and
guest checkout experiences, new advanced offers platform for
merchants, and new consumer app to earn cash back and give
customers more reasons to shop with PayPal
New Venmo enhancements enable local small
businesses to be discovered and grow
SAN
JOSE, Calif., Jan. 25,
2024 /PRNewswire/ -- PayPal Holdings, Inc.
(NASDAQ: PYPL) today announced six new innovations the company is
piloting and bringing to market this year to revolutionize commerce
through artificial intelligence (AI) driven personalization for
both merchants and consumers. During the PayPal First Look keynote,
Alex Chriss, President and CEO,
introduced: a completely new PayPal checkout experience that
radically speeds up check out for consumers and helps merchants
convert transactions like never before; Fastlane by PayPal, a
dramatically faster and smarter guest checkout experience;
Smart Receipts, giving customers AI-personalized recommendations
from merchants to keep them coming back; the PayPal advanced offers
platform so merchants can provide relevant, personalized, real-time
offers to consumers and drive more sales; a reinvented PayPal
consumer app giving shoppers new ways to earn cash back and more
reasons to use PayPal; and, Venmo's enhanced business profiles, so
small businesses can find and engage new customers, and grow their
businesses.
"PayPal is on a mission to revolutionize commerce, globally, and
today we are starting the next chapter," said Alex Chriss, President and CEO, PayPal. "With
nearly 400 million consumer accounts, and 35 million merchant
accounts, PayPal handles transactions for about a quarter of the
world's e-commerce transactions each year, but more importantly,
shoppers trust PayPal to power their payments."
Chriss continued, "PayPal is introducing six new innovations
that will not only solve real customer pain points, but we believe
will change the world of payments and commerce. From new solutions
for merchants to speed up checkout and personalize offers, to a new
consumer app that will give our loyal customers 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."
With digital commerce expected to exceed $6 trillion in 20241, merchants need
new, advanced ways to speed consumers through checkout in a
seamless way that reduces lost sales. Additionally, consumers are
continuously looking to stretch their budgets and get as much value
while shopping as possible. PayPal's global scale and extensive
data set, combined with the power of AI, will deliver the next
generation of value for both consumers and merchants.
Transforming Checkout
Checkout is the last interaction between a consumer and a
merchant, and while it seems so simple, any friction can disrupt
the moment. Business owners want to focus on the next sale and
consumers are looking to remove any annoying interruptions like
password prompts or lagging response times. To address this, PayPal
has massively accelerated the checkout process to get customers to
choose PayPal, integrate passkeys to enable customers to log in
with their face or fingerprint with one tap, and to improve
latency. In fact, this will reduce latency by as much as
50%2, and enable customers to check out twice as
fast, all with the same level of security and trust they have
come to expect from PayPal. Additionally, the new PayPal checkout
will also leverage AI to get smarter and faster over time.
Introducing Fastlane by PayPal
Merchants are losing out on sales because the guest checkout
process is both slow and cumbersome. Additionally, shoppers do
not often sign in or sign up while browsing, and when they are
ready to check out, they must find their password, update their
credit card information, or shipping address. To help, PayPal is
introducing Fastlane by PayPal, a new one-click guest
checkout experience that merchants using PayPal's platform will be
able to offer their shoppers, allowing them to make a
fast and painless purchase. Customers simply save their
information with Fastlane to check out in as little as one
tap. No username or password to remember, no personal information
to update, and no need to share a credit card with businesses all
over the web.
PayPal has been piloting Fastlane by PayPal
with a group of merchants and are seeing astounding
early results. Select merchants on BigCommerce, a leading open
software-as-a-service (SaaS) ecommerce platform and longtime PayPal
partner, have seen early results showing that Fastlane can
recognize 70% of guests3 and accelerated checkout speeds
of nearly 40% compared to a traditional guest checkout
process.4
Introducing PayPal Smart Receipts
Merchants want to incentivize customers to come back, and
consumers want to find the best deals, so PayPal is
eliminating the guesswork for both with the introduction of
Smart Receipts. When consumers shop with PayPal, they
will receive a receipt that allows them to not only
track their purchase, but also harnesses AI
to predict what they may want to
buy next from that merchant. As a result, now merchants
will be able
to include a personalized recommendation along
with a cashback reward offer on the receipt.
As almost 45% of PayPal customers globally open their email
receipts everyday5 – an incredible open rate – this
could mean tens of millions of merchants and hundreds of millions
of consumers seeing timely, hyper-relevant recommendations and
rewards in these receipts. This increases the opportunities for
merchants to re-engage directly with their customers, increasing
the probability of repeat shopping and business growth.
PayPal is also leveraging AI-powered suggestions that are based
on shopper behavior data, combined with the scale of what PayPal
can see across the web. Through personalized AI, PayPal is giving
any sized merchant the power of being one of the largest retailers
in the world.
Introducing PayPal Advanced Offers Platform
Today, when consumers shop online their experience
includes ads generated by their browsing behavior
only, which can be irrelevant and frustrating. In response, PayPal
will use unique customer insights to build a dynamic, truly
personalized advanced offers platform giving merchants the
ability to reach customers based on what they have actually bought
across the internet, down to the stock keeping unit (SKU) and the
individual product. This new, performance-based offers platform has
the potential to use AI to organize and analyze data from nearly
half a trillion dollars' worth of merchant transactions
globally6. The platform will also allow merchants
to customize offers for customers, and merchants will only pay for
performance, not impressions or clicks. For PayPal consumers,
it means they will get more
relevant offers, and more opportunities to earn
rewards.
PayPal is also building transparent, easy-to-use privacy
controls so if a customer does not want their data shared with
merchants to personalize their shopping experience – they
can opt in or out.
Reinventing the PayPal app
PayPal is also reinventing the PayPal app to give loyal
customers even more reasons to shop and pay with PayPal every day.
Too often consumers are served the top items from the largest
merchants that can afford to buy the best search terms.
Additionally, consumers are still feeling the inflationary pinch
and looking for ways to spend smarter and find the best deals. This
is why PayPal is introducing CashPass to give customers
access to hundreds of exciting, personalized cash
back offers from top brands in the U.S. A user will
simply need to tap on the offer, shop at that business, and check
out with PayPal. CashPass uses AI to organize personalized offers
for customers based on shopping behaviors, and customers will
regularly discover new cash back offers giving them more reasons to
visit the app.
Starting in March, PayPal is planning to launch CashPass with an
amazing set of launch partners, so consumers can access offers from
merchants such as Best Buy, eBay, McDonald's, Priceline,
Ticketmaster, Uber, and Walmart.
PayPal CashPass users will also be able to stack with other
PayPal rewards such as cash back from the PayPal Cashback
Mastercard®. Users can then put cash back into a PayPal Savings
account and earn more on top.
Introducing the Next Generation of Venmo Business
Profiles
Venmo introduced business profiles in 2021 to provide an
affordable and easy way for businesses to accept payments and grow
their business and has grown to a community of more than 90 million
active accounts. Small businesses rely on word-of-mouth,
social media, and reviews on other sites for referrals.
It can be difficult to stand out on social media, and one bad
review can set their business back. Venmo is solving this by
introducing enhanced Venmo business profiles to help
small businesses be discovered like never before. The next
evolution of business profiles will add subscribe buttons, profile
rankings, and the ability to offer promotions to consumers,
bringing powerful new ways for businesses to drive traffic,
generate sales, and more meaningfully grow their business through
increased visibility in the Venmo app.
For consumers, they will be able to discover top-ranked
businesses endorsed by their network and enjoy cashback deals when
supporting local businesses in their community. No other mobile
payment service has a social feed as active, useful and as personal
as Venmo, and this is a revolution in providing real-time offers
and promotions at a hyper-local level for small businesses. The
same type of privacy controls will be available on Venmo, as on
PayPal.
All of these new experiences will begin rolling out in
the United States throughout
2024.
For more information, visit
http://www.paypal.com/us/whats-new/first-look.
1 Insider Intelligence, "Ecommerce growth worldwide
will pick up before tapering off," Aug. 23,
2023
2 Based on PayPal internal data from October to
November 2023.
3 Based on PayPal internal data from October 1 to November 2, 2023.
4 Based on PayPal Internal data from November 2 to November 18, 2023.
5 Based on PayPal internal data from November 1, 2023 to January 8, 2024.
6 Based on PayPal internal data from Global Branded
XO TPV for the 12-month period between Dec'22 to Nov'23.
About PayPal
PayPal has remained at the forefront of the digital commerce
revolution for more than 25 years. By leveraging technology to make
sending money and shopping more convenient, affordable, and secure,
the PayPal platform is empowering hundreds of millions of
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information, visit
https://www.paypal.com, https://about.pypl.com/ and
https://investor.pypl.com/.
Forward-Looking Statements
This press release contains "forward-looking" statements within
the meaning of applicable securities laws. Forward-looking
statements and information relate to future events and future
performance and reflect, among other things, PayPal's plans with
respect to product innovation. Forward looking statements may
be identified by words such as "seek", "believe", "plan",
"estimate", "anticipate", "expect", "project", "forecast", or
intend", and statements that an event or result "may"" "will",
"should", "could", or "might" occur or be achieved and any other
similar expressions.
Forward-looking statements involve risks and uncertainties which
may cause actual results to differ materially from the statements
made. More information about these and other factors can be found
in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other filings with the Securities and Exchange Commission (the
"SEC"), and its future filings with the SEC.
The forward-looking statements contained in this press release
speak only as of the date hereof. PayPal expressly disclaims
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
Media Relations Contacts:
Juliet Niczewicz, jniczewicz@paypal.com
Joe Gallo, jogallo@paypal.com
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SOURCE PayPal Holdings, Inc.