PayPal's new CEO plans to boost the company's share price by introducing AI-based products

The firm stated that PayPal is introducing new AI-powered goods along with a one-click checkout option in an attempt to revitalise the massive payments company.

This is the first significant statement made by Alex Chriss since joining PayPal in September. The new offerings are another illustration of how businesses are attempting to capitalise on investor excitement about artificial intelligence, which contributed to this month's record highs for U.S. stock markets.

Investors are hoping that Chriss, a former senior executive at Intuit, will help PayPal's stock rebound. The company's stock has dropped more than 22% since January of last year as a result of disappointing margins. PayPal's CEO, Chriss, has referred to 2024 as a "transition year" and pledged to increase income streams outside of transaction volume.

This year, PayPal will launch a platform that leverages AI to let retailers reach out to potential consumers based on their past purchases. The platform will accomplish this by using data from the almost half a trillion dollars in merchant transactions that PayPal has handled worldwide.

A further AI-based solution called "smart receipts" would allow merchants to suggest customised products to customers in their email receipts in addition to offering rewards.

Along with new capabilities for Venmo business profiles, PayPal is launching a "one-click" checkout option dubbed Fastlane, which has reportedly increased checkout times by almost 40% in early testing.

(Sources: investing.com, reuters.com)