- “PayPal has been talking about its ‘super app’ plans for some time, having recently told investors its upcoming digital wallet and payments app had been given a go for launch.
- The enhanced bill pay feature lets customers track, view and pay bills from thousands of companies, including utilities, TV and internet, insurance, credit cards, phone and more
- Via a Synchrony Bank partnership, PayPal Savings will offer a high-yield savings account with a 0.40% Annual Percentage Yield (APY)
- It now features a personalized dashboard offering an overview of the customer’s account. The wallet tab lets users manage Direct Deposits and connect funding sources like bank accounts and debit and credit cards alongside the ability to enroll in PayPal’s own debit, credit and cash cards.
- A finance tab provides access to the high-yield savings and the previously available crypto capabilities, which allows users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
- The payments tab, meanwhile, will hold much of PayPal’s traditional feature set, including peer-to-peer payments, international remittances, charitable and nonprofit giving, plus now bill pay and a two-way messaging feature that allows users to request payments
- Messaging also ties into PayPal’s new Shopping hub, which is where the company is finally putting to good use its 2019 $4 billion Honey acquisition.
- ‘We’ll use AI and [machine learning] capabilities to understand what kind of shopping deals are most interesting to customers and continue to develop that over time. They’ll just get smarter and smarter as the product gets more usage,’
- The new app is laying the groundwork for other new products in the quarters to come. The biggest initiative on its roadmap is a plan to enter the investment space, to rival other mobile investing apps, like Robinhood.
- “PYMNTS CEO Karen Webster recently spoke with Jeremy Jonker, senior vice president, head of consumer in-store and digital commerce at PayPal, about the platform’s embrace of QR codes, particularly its pilot in 28 markets worldwide announced in mid-May.
- PayPal just announced an agreement to make CVS the first retailer to integrate QR codes in 8,200 stores across the U.S. This offers a touch-free way to pay at a business that provides essential goods during the pandemic.”
- “The company will be primarily offering deposit products and small business loans for Square Capital’s commercial lending business.
- Additionally, companies like Alphabet’s GOOGL Google, Amazon AMZN and Facebook are leveraging the power of artificial intelligence (AI), machine learning (ML), augmented reality (AR)/virtual reality (VR), data analytics and cloud technologies to make advances in this particular sector, in turn intensifying the battle.”
- “PayPal’s e-commerce platform, used by Instagram Shopping and Facebook Marketplace, is now available to businesses of all sizes.
- Advanced risk and fraud tools powered by AI and machine learning informed by trillions of transactions;
- Starting today, the PayPal Commerce Platform is available in France, Germany, Italy, Spain, the United Kingdom, and the United States.
- The platform will expand to more than 40 markets by the end of the year.”
“Marketer interest in voice search is downright palpable in some circles. Fresh off a tour of client visits in Miami, Dallas, Chicago, Washington, D.C., and St. Louis, 360i’s Belsky reports that ‘every CMO, every vp of marketing and, especially, every ecommerce client is asking about this subject first and foremost. And they have three questions. ‘What should I do to prepare for when voice is the driver of ecommerce?’ The second one is, ‘What content do I have to think about to increase my chances to be the preferred answer with these devices?’ And, ‘Will all my search budget one day migrate onto these devices?’ There’s not obvious answers to any of these questions. Being early to all of this means you get the spoils.’”
“It’s time to talk cash. The research shows consumers are ready to spend real money while interacting with a chatbot. On average, millennials (26 to 36 years old) would be willing to spend $618 via a chatbot… According to the study, ‘One in five (21%) UK consumers would consider purchasing goods and services from a chatbot.’ This is a goldmine for ecommerce businesses looking for new ways to attract, entertain, and monetize an audience. It’s no wonder giants like Walmart are using AI to enhance a shopping experience, and it’s just the beginning.”
“The answer lies in the reliability of retailer data. McClure explains that this was one of the first problems the company encountered. “One retailer might give us amazing data and another could give us the same set of products but with awful data,” he said, continuing, “We use a text based classification tool, training various models with both positive and negative examples…However, he does note, when discussing the calculation of customer lifetime value, that “having your data in the right format” is key. As retailers seek to improve their data infrastructure and use reliable data, the machine learning part is much more achievable.”
“Payment processor PayPal (PYPL) has participated in a $5.27 million financing round for e-commerce technology firm Cloud IQ. Cloud IQ has developed an online platform to help websites more efficiently convert visitors to paying customers. PayPal is beginning to increase its investment pace in new technologies and startup companies, something with which I strongly agree, as the financial services industry continues to evolve at an increasing pace.