Business and Finance
PayPal and Venmo Unveil Six New Innovations to Revolutionize Commerce
Company introduces reimagined checkout and guest checkout experiences, new advanced offers platform for merchants, and new consumer app to earn cash back and give customers more reasons to shop with PayPal
New Venmo enhancements enable local small businesses to be discovered and grow
SAN JOSE, Calif. /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) today announced six new innovations the company is piloting and bringing to market this year to revolutionize commerce through artificial intelligence (AI) driven personalization for both merchants and consumers. During the PayPal First Look keynote, Alex Chriss, President and CEO, introduced: a completely new PayPal checkout experience that radically speeds up check out for consumers and helps merchants convert transactions like never before; Fastlane by PayPal, a dramatically faster and smarter guest checkout experience; Smart Receipts, giving customers AI-personalized recommendations from merchants to keep them coming back; the PayPal advanced offers platform so merchants can provide relevant, personalized, real-time offers to consumers and drive more sales; a reinvented PayPal consumer app giving shoppers new ways to earn cash back and more reasons to use PayPal; and, Venmo’s enhanced business profiles, so small businesses can find and engage new customers, and grow their businesses.
“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.”
Chriss continued, “PayPal is introducing six new innovations that will not only solve real customer pain points, but we believe will change the world of payments and commerce. From new solutions for merchants to speed up checkout and personalize offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, to the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution.”
With digital commerce expected to exceed $6 trillion in 20241, merchants need new, advanced ways to speed consumers through checkout in a seamless way that reduces lost sales. Additionally, consumers are continuously looking to stretch their budgets and get as much value while shopping as possible. PayPal’s global scale and extensive data set, combined with the power of AI, will deliver the next generation of value for both consumers and merchants.
Transforming Checkout
Checkout is the last interaction between a consumer and a merchant, and while it seems so simple, any friction can disrupt the moment. Business owners want to focus on the next sale and consumers are looking to remove any annoying interruptions like password prompts or lagging response times. To address this, PayPal has massively accelerated the checkout process to get customers to choose PayPal, integrate passkeys to enable customers to log in with their face or fingerprint with one tap, and to improve latency. In fact, this will reduce latency by as much as 50%2, and enable customers to check out twice as fast, all with the same level of security and trust they have come to expect from PayPal. Additionally, the new PayPal checkout will also leverage AI to get smarter and faster over time.
Introducing Fastlane by PayPal
Merchants are losing out on sales because the guest checkout process is both slow and cumbersome. Additionally, shoppers do not often sign in or sign up while browsing, and when they are ready to check out, they must find their password, update their credit card information, or shipping address. To help, PayPal is introducing Fastlane by PayPal, a new one-click guest checkout experience that merchants using PayPal’s platform will be able to offer their shoppers, allowing them to make a fast and painless purchase. Customers simply save their information with Fastlane to check out in as little as one tap. No username or password to remember, no personal information to update, and no need to share a credit card with businesses all over the web.
PayPal has been piloting Fastlane by PayPal with a group of merchants and are seeing astounding early results. Select merchants on BigCommerce, a leading open software-as-a-service (SaaS) ecommerce platform and longtime PayPal partner, have seen early results showing that Fastlane can recognize 70% of guests3 and accelerated checkout speeds of nearly 40% compared to a traditional guest checkout process.4
Introducing PayPal Smart Receipts
Merchants want to incentivize customers to come back, and consumers want to find the best deals, so PayPal is eliminating the guesswork for both with the introduction of Smart Receipts. When consumers shop with PayPal, they will receive a receipt that allows them to not only track their purchase, but also harnesses AI to predict what they may want to buy next from that merchant. As a result, now merchants will be able to include a personalized recommendation along with a cashback reward offer on the receipt.
As almost 45% of PayPal customers globally open their email receipts everyday5 – an incredible open rate – this could mean tens of millions of merchants and hundreds of millions of consumers seeing timely, hyper-relevant recommendations and rewards in these receipts. This increases the opportunities for merchants to re-engage directly with their customers, increasing the probability of repeat shopping and business growth.
PayPal is also leveraging AI-powered suggestions that are based on shopper behavior data, combined with the scale of what PayPal can see across the web. Through personalized AI, PayPal is giving any sized merchant the power of being one of the largest retailers in the world.
Introducing PayPal Advanced Offers Platform
Today, when consumers shop online their experience includes ads generated by their browsing behavior only, which can be irrelevant and frustrating. In response, PayPal will use unique customer insights to build a dynamic, truly personalized advanced offers platform giving merchants the ability to reach customers based on what they have actually bought across the internet, down to the stock keeping unit (SKU) and the individual product. This new, performance-based offers platform has the potential to use AI to organize and analyze data from nearly half a trillion dollars’ worth of merchant transactions globally6. The platform will also allow merchants to customize offers for customers, and merchants will only pay for performance, not impressions or clicks. For PayPal consumers, it means they will get more relevant offers, and more opportunities to earn rewards.
PayPal is also building transparent, easy-to-use privacy controls so if a customer does not want their data shared with merchants to personalize their shopping experience – they can opt in or out.
Reinventing the PayPal app
PayPal is also reinventing the PayPal app to give loyal customers even more reasons to shop and pay with PayPal every day. Too often consumers are served the top items from the largest merchants that can afford to buy the best search terms. Additionally, consumers are still feeling the inflationary pinch and looking for ways to spend smarter and find the best deals. This is why PayPal is introducing CashPass to give customers access to hundreds of exciting, personalized cash back offers from top brands in the U.S. A user will simply need to tap on the offer, shop at that business, and check out with PayPal. CashPass uses AI to organize personalized offers for customers based on shopping behaviors, and customers will regularly discover new cash back offers giving them more reasons to visit the app.
Starting in March, PayPal is planning to launch CashPass with an amazing set of launch partners, so consumers can access offers from merchants such as Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber, and Walmart.
PayPal CashPass users will also be able to stack with other PayPal rewards such as cash back from the PayPal Cashback Mastercard®. Users can then put cash back into a PayPal Savings account and earn more on top.
Introducing the Next Generation of Venmo Business Profiles
Venmo introduced business profiles in 2021 to provide an affordable and easy way for businesses to accept payments and grow their business and has grown to a community of more than 90 million active accounts. Small businesses rely on word-of-mouth, social media, and reviews on other sites for referrals. It can be difficult to stand out on social media, and one bad review can set their business back. Venmo is solving this by introducing enhanced Venmo business profiles to help small businesses be discovered like never before. The next evolution of business profiles will add subscribe buttons, profile rankings, and the ability to offer promotions to consumers, bringing powerful new ways for businesses to drive traffic, generate sales, and more meaningfully grow their business through increased visibility in the Venmo app.
For consumers, they will be able to discover top-ranked businesses endorsed by their network and enjoy cashback deals when supporting local businesses in their community. No other mobile payment service has a social feed as active, useful and as personal as Venmo, and this is a revolution in providing real-time offers and promotions at a hyper-local level for small businesses. The same type of privacy controls will be available on Venmo, as on PayPal.
All of these new experiences will begin rolling out in the United States throughout 2024.
For more information, visit http://www.paypal.com/us/whats-new/first-look.
1 Insider Intelligence, “Ecommerce growth worldwide will pick up before tapering off,” Aug. 23, 2023
2 Based on PayPal internal data from October to November 2023.
3 Based on PayPal internal data from October 1 to November 2, 2023.
4 Based on PayPal Internal data from November 2 to November 18, 2023.
5 Based on PayPal internal data from November 1, 2023 to January 8, 2024.
6 Based on PayPal internal data from Global Branded XO TPV for the 12-month period between Dec’22 to Nov’23.
About PayPal
PayPal has remained at the forefront of the digital commerce revolution for more than 25 years. By leveraging technology to make sending money and shopping more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect, among other things, PayPal’s plans with respect to product innovation. Forward looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, “expect”, “project”, “forecast”, or intend”, and statements that an event or result “may”” “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. More information about these and other factors can be found in PayPal Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the “SEC”), and its future filings with the SEC.
The forward-looking statements contained in this press release speak only as of the date hereof. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE PayPal Holdings, Inc.
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Lifestyle
A college course that’s a history of the future
The course “Science Fiction as Intellectual History” explores how sci-fi reflects cultural thoughts and anxieties, using stories to analyze technology, future predictions, and evolving societal ideas.
Adam Jortner, Auburn University
Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.
Title of course:
Science Fiction as Intellectual History
What prompted the idea for the course?
For most of its history, science fiction was a disreputable, throwaway genre. But sources of culture and thought aren’t just found in classic literature or in the writings of the great thinkers. They’re also in popular entertainment: movies, comics, pulp magazines, TV.
Big thoughts often come in chunks with labels like “The Future” or “Technology” or “Freedom.” And most ideas about these things are shaped by science fiction.
So in this class, my students explore how the theories of Charles Darwin, for example, are reflected in science fiction like “Jurassic Park,” “The Island of Dr. Moreau,” “X-Men” and “The Wrath of Khan.”
I’m lucky to be the third generation of professors teaching this course at Auburn. It’s an old staple here that I inherited.
What does the course explore?
I usually pick three big plot ideas from sci-fi: alien encounters, time travel and superhuman abilities. Then we trace the development of those ideas, primarily through American fiction.
Students might read H.G. Wells’ “The Time Machine,” which was written in the 1890s and tells the story of the Eloi and Morlocks, post-human races from 800,000 years in the future; C.L. Moore’s secret visitors from the future in the 1953 novella “Vintage Season”; and Steven Spielberg’s 1985 escape to an idealized 1950s in “Back to the Future.”
These works all include mind-bending theories about what time travel might look like. But students also see how each of them tells a different story about the anxieties and obsessions of the times in which they were created.
For example, Wells’ novel is a vision of how thousands of years of Victorian class divisions lead to the evolution of a group of cannibalistic underground humans. In “Back to the Future,” Marty McFly leaves the dingy, broken-down 1980s for a clean and shiny version of the 1950s, one that looks much more promising than 1985. The film taps into the 1980s political and cultural nostalgia for so-called “simpler” times. (Of course, in their version of 1955, Biff and Marty never deal with segregation or Cold War nuclear panic.)
Science fiction offers a kind of film negative of history – a back door into what made people worried or scared rather than what was heroic. Sci-fi captures that fear and anxiety.
Rod Serling’s 1960 “Twilight Zone” episode “The Monsters Are Due on Maple Street” is the story of how neighbors turn on each other when they suspect an alien invasion is taking place. It parallels the American crisis over desegregation and communist subversion.
As Serling concluded, “For the record, prejudices can kill and suspicion can destroy, and a thoughtless, frightened search for a scapegoat has a fallout of its own – for the children, and the children unborn. And the pity of it is that such things cannot be confined to the Twilight Zone.”
Why is this course relevant now?
New technology, along with endless predictions and prophecies about the future, bombard students.
It’s important to take a moment to step back. How is the way we talk about and use technology influenced by the way we’re trained to think about technology and the future? And how much do past visions of the future dictate the choices of the present?
What’s a critical lesson from the course?
Students often think technology has rules and it will follow those rules. But technology doesn’t work like that.
That’s both terrifying and uplifting, because it means that we can still create and imagine our future as we see fit.
What materials does the course feature?
I anchor the course with a series of novels; the list changes, but it always includes “The Time Machine” and Ursula K. Le Guin’s 1971 novel “The Lathe of Heaven.”
Beyond that, I try to pepper in a mix of pulp stories, TV shows, radio dramas, comic books and films. I assign the 1970s avant-garde sci-fi stories of Brian Aldiss and Joanna Russ, and underground literature from the 1980s, such as the graphic novel “Ed the Happy Clown.”
I shape the course like a traditional “great books” course – those that feature the works of intellectual and literary giants – by assigning a different work every week. I just have a different idea about what makes a great book.
We also spend a delightful week examining the economic and cultural history of “so-bad-its-good” B movies and late-night features, where I have them watch an episode of the Canadian sci-fi show “The Starlost,” considered one of the worst shows in television history. Sometimes you have to learn what not to do.
What will the course prepare students to do?
They learn to read and think. They learn that all stories have ideas and philosophies, whether simple or complex, wise or foolish.
I hope they learn to watch for nonsense in public debates about technology and the future – like how some people assume computer modeling for human language is the same thing as language – and keep an eye out for ideologies masquerading as action films.
I hope they learn to love an author they’ve never read before – and learn to appreciate how much reading and stories make life worth living.
Adam Jortner, Goodwin Philpott Eminent Professor of Religion, Auburn University
This article is republished from The Conversation under a Creative Commons license. Read the original article.
Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
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Inflating Essential Pricing
In a tense federal courtroom in downtown Portland, the spotlight was on Kroger executives as they faced sharp scrutiny over allegations of inflating prices on essential staples such as eggs and milk. This courtroom drama unfolded against the backdrop of Kroger’s proposed national merger with supermarket behemoth Albertsons — a move Kroger claims is vital for their competitive edge in the retail market.
Outside, the drama resonated, with Kroger-owned Fred Meyer’s workers, represented by UFCW Local 555, actively striking across Portland. Their signs, a vivid display of protest against unfair labor practices, underscored a deepening divide between corporate profits and workers’ lived realities.
The union drew a connecting line, spotlighting Kroger’s courtroom admission as emblematic of a broader corporate disregard for both consumer and employee welfare. “Kroger’s exposed strategy of upping prices on basics like milk and eggs only intensifies our drive for equitable labor terms,” the statement from UFCW Local 555 forcefully articulated.
Central to the courtroom revelations was an internal company email, wielded by FTC lawyers, authored by Kroger’s senior director for pricing, Andy Groff. The email candidly noted that the retail price upticks on milk and eggs were “significantly higher than cost inflation,” laying bare a strategy to offload elevated costs onto consumers. This disclosure stirred a noticeable reaction among courtroom attendees, piercing the veil typically shrouding corporate decision-making.
Kroger countered, urging the email’s context be considered as isolated rather than reflecting their broader price strategy. “The email in question does not define our company’s enduring commitment to compress margins and competitively price our goods,” defended a Kroger spokesperson, emphasizing ongoing responses to erratic pricing landscapes since 2020 and maintaining that their pricing aligns competitively with industry leaders like Walmart.
Simultaneously, the ongoing strike at Fred Meyer accentuated community solidarity and frustration concerning soaring living costs, linking the in-court disputes to palpable systemic issues. “It’s as if there’s ‘big corporations’ on one end and ‘everyone else’ on the other,” voiced Justin Godoy, echoing a common sentiment among shoppers disillusioned by perceived corporate avarice overshadowing basic needs.
From the corporate side, Fred Meyer linked the strike’s timing to the pivotal merger, framing the union as pivotal in safeguarding the fate of unionized grocery stores across America. “The merger underscores our commitment to the future of unionized grocery stores,” the company declared, steering the conversation towards a favorable merger outcome.
With the strike poised to continue until the following Tuesday disrupting operations across 28 stores, and an impending decision on the Kroger-Albertsons merger, the issues of corporate stewardship, labor rights, and consumer advocacy hung in balance — unresolved yet deeply interwoven. Community backing for the strikers was palpable, and the reverberations from these intertwined disputes were set to resonate well beyond Portland, casting a long shadow over the national conversation around corporate integrity and economic justice.
Further reading, check out these links.
https://www.commondreams.org/news/kroger-egg-prices
STM Daily News is a vibrant news blog dedicated to sharing the brighter side of human experiences. Emphasizing positive, uplifting stories, the site focuses on delivering inspiring, informative, and well-researched content. With a commitment to accurate, fair, and responsible journalism, STM Daily News aims to foster a community of readers passionate about positive change and engaged in meaningful conversations. Join the movement and explore stories that celebrate the positive impacts shaping our world.
https://stmdailynews.com/category/stories-this-moment
Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
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Top computing options for a new school year
(Family Features) Preparing your student for a new year of education takes on many forms. From trusting them with heightened responsibilities and finding the right gear for their new hobbies to equipping them with the top tech for a successful school year, the back-to-school season is a critical time.
Simplify your shopping list with trustworthy tech that helps students make the grade with these recommendations from the experts at Qualcomm. Laptop performance is reborn with the Snapdragon X Elite platform, a powerful, intelligent and efficient processor that’s built for AI. With cutting-edge responsiveness, students can navigate demanding multitasking workloads across productivity, creativity and immersive entertainment – while getting up to multiple days of battery life on a single charge.
Find more education solutions at qualcomm.com/snapdragon.
Harness the Capabilities of AI
Level up your productivity and get creative with the Lenovo Yoga Slim 7x, powered by Snapdragon X Elite. With incredible on-device AI performance and speedy Wi-Fi 7 connectivity, the possibilities are endless so you can create on the fly, anywhere you go. It’s not just smart – it’s your creative sidekick that knows what you need before you do. Built for AI, it streamlines your creative tasks with leading on-device intelligence capabilities.
Power Your Productivity
Built to work on the go thanks to its powerful performance and groundbreaking on-device AI travel assistant, the HP OmniBook X AI PC can help you unlock unparalleled productivity. Powered by Snapdragon X Elite and its intelligent, efficient processing capabilities, it features up to 26 hours of battery life to tackle notetaking, homework and beyond. Fuel your creative potential with super-charged performance that’s equipped with Wi-Fi 7 for seamlessly quick connectivity and a collection of AI tools and solutions to keep you running at your best.
Discover an All-New PC Experience
In the classroom and beyond, you can unleash power-packed performance and advanced AI with the Samsung Galaxy Book4 Edge. Powered by the Snapdragon X Elite processor and built for Galaxy AI, the thin and lightweight laptop, which is available with a 14- or 16-inch screen, offers 16 gigabytes of RAM to transform how you create, communicate and play by providing powerful computing, AI performance and power efficiency.
Navigate Complex Workloads with Ease
With cutting-edge responsiveness and unmatched speed for navigating the multitasking required in today’s digital-first age, the Dell XPS 13 – featuring powerful, on-device Copilot+ AI – lets students effortlessly tackle complex workloads. Powered by Snapdragon X Elite and featuring premium audio and Wi-Fi 7 connectivity, the strong, lightweight laptop is crafted with machined aluminum for an elegant, minimalistic design.
Combine Outstanding Performance with Ultimate Flexibility
Effortlessly shift from tablet to sketchbook to multiple monitors – whatever the school day requires – with the Microsoft Surface Pro 11 and its unique detachable kickstand design. A laptop reimagined, this flexible, powerful 2-in-1 provides AI-accelerated power, multi-day battery life and lightning-fast speed via the Snapdragon X Elite processor to keep up with students all day long, no matter where their studies take them.
SOURCE:
Qualcomm
Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
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