It is a bold or naïve CEO that prefaces a major announcement with the words, “This will shock the world”.
New PayPal CEO Alex Chriss said exactly that in his first public interview since becoming CEO. That was a week ago and he was referring to major announcements that would happen at the company’s Innovation Day that it conducted yesterday.
So, with somewhat of a target on their back, PayPal revealed six AI-driven product enhancements:
1. Reduced latency checkout integrating passkeys and phone biometrics
2. A new checkout experience called “Fastlane” that offers one-click guest checkout
3. An AI-powered “Smart Receipts” feature that makes intelligent shopping recommendations
4. New PayPal Advanced Offers platform gives merchants better targeting ability
5. CashPass is a new feature that gives customers hundreds of personalized cash-back offers
6. Enhanced Venmo profiles to help small businesses get discovered.
You be the judge. Do those six new announcements shock you? I would say this is an evolution of what PayPal was already doing.
Not surprisingly, investors were not impressed and PayPal’s stock price was down over 4% on the news.
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