The move comes as Chriss, who took over in September, aims to revive the payments giant and capitalise on the growing investor enthusiasm for AI. Investors are watching Chriss closely, hoping he can reverse PayPal's declining stock performance, which is down over 22% since January 2023. The announcement of these new products aligns with a broader market trend of optimism surrounding AI, which has recently driven US stock markets to record highs.
Key takeaways:
- PayPal, under the leadership of CEO Alex Chriss, has announced the launch of AI-driven products and a one-click checkout feature, marking a strategic push into AI.
- The new features include a platform that uses AI to help merchants reach new customers based on their previous shopping history and a tool named "smart receipts" that allows merchants to recommend personalised items to shoppers through email receipts.
- PayPal is also introducing a "one-click" checkout feature called Fastlane, which has shown to accelerate checkout speeds by nearly 40% in early testing.
- Despite these announcements, PayPal's stock performance has been declining, with shares down over 22% since January 2023, and shares dipped 4.6% following the announcement of these new features.