© Reuters. PayPal (PYPL) tumbles 4% after announcing product updates
Shares of PayPal Holdings (NASDAQ:) fell as much as 4% on Thursday, the most since August, on updates during the company’s innovations event.
PayPal introduced several product enhancements, namely six new innovations that it is piloting and bringing to the market in the current year.
These innovations aim to revolutionize commerce through artificial intelligence (AI)-driven personalization for both merchants and consumers, the company said.
“PayPal is on a mission to revolutionize commerce, globally, and today we are starting the next chapter,” said Alex Chriss, President and CEO, PayPal.
“With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s e-commerce transactions each year, but more importantly, shoppers trust PayPal to power their payments.”
New innovations included a completely new PayPal checkout experience designed to significantly speed up the checkout process for consumers and enhance transaction conversion for merchants.
Another feature is Smart Receipts, which is designed to provide AI-personalized recommendations from merchants to encourage customer retention.
Elsewhere, a reinvented PayPal consumer app offers new ways for shoppers to earn cash back and additional incentives for using PayPal.
Another update concerns PayPal’s Venmo, which will now offer enhanced business profiles.