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.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.