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PayPal To Pilot Six New Innovations
PayPal is tapping into the power of AI-driven personalization in six new pilots designed to create a better commerce experience for merchants and consumers. PayPal counts nearly 400M consumer accounts and 35M merchant accounts worldwide. The company’s platform facilitates almost a quarter of the world’s e-commerce transactions in 200+ global markets annually.
“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,” says Alex Chriss, President and CEO, PayPal.
The new six innovations include:
A Transformed Checkout — Removing friction for customers by providing a faster checkout experience, offering passkey integration to allow customers to sign in with facial recognition or a fingerprint, and using AI to improve the process over time.
Fastlane by PayPal — One-click guest checkout for merchants using the platform. Customers must save their information with Fastlane.
PayPal Smart Receipts — Customers can track purchases while AI technology suggests what they might want to purchase next. Cashback reward offers appear on the receipt.
PayPal Advanced Offers Platform — Based on customer insights, a personalized advance offer platform will allow merchants to connect with customers as a result of previous purchases across the internet and provide relevant offers. Customers can opt out.
Reinventing the PayPal App — CashPass will allow customers to take advantage of hundreds of personalized cashback offers from brands like Best Buy, Ticketmaster, Walmart, and more.
Next Generation of Venmo Business Profiles — Enhanced Venmo business profiles allow merchants to be found, driving traffic and sales through subscribe buttons, rankings, and promotions.
Learn more about the planned innovations here: https://www.paypal.com/us/whats-new/first-look
Dillard’s Joins with Citi and Mastercard in New Credit Card Agreements
A new credit card program for Dillard’s customers is now available following recent agreements made by Dillard’s, Inc., Citi, and Mastercard. Current Dillard’s credit card accounts will be purchased by Citi, and Mastercard will be the exclusive payment network for the co-branded cards. A private label card will also be offered. Citi will be involved in customer service and will also support some of Dillard’s marketing and loyalty program efforts adjacent to the program. The new program will roll out for new Dillard’s credit applicants in late summer 2024 while transitioning current Dillard’s cardholders is planned for fall 2024.
“Our customers expect and deserve the highest level of customer care at Dillard’s, and that includes providing premium credit services. We are confident we have aligned ourselves with the best in the business to offer first-class credit choices and exceptional cardholder experiences at Dillard’s for years to come,” says Dillard’s President Alex Dillard.
“We’re proud to enter this new long-term agreement with such a beloved and iconic brand like Dillard’s,” adds Kartik Mani, Head of Citi Retail Services and Head of Connected Commerce.
“We’re looking forward to creating seamless, safe, and secure payment experiences for Dillard’s co-brand cardholders, with benefits and rewards that complement cardholders’ dynamic lifestyles,” finishes Jason Lane, Executive Vice President, Global Account Management at Mastercard.
Information on Dillard’s current rewards program can be found here:
The Subscription Market Just Got Bigger with Klarna Plus
The AI-driven global payments and shopping assistant Klarna has launched Klarna Plus (issued by WebBank), a subscription service model for eligible U.S. customers. The service is available via the Klarna App for $7.99/month. Klarna’s U.S. customer base has grown by 32% in the past year, and the AI-powered Klarna App counts 7M+ monthly users in the U.S.
“Today marks an exciting milestone for Klarna with the introduction of our first-ever premium subscription service, Klarna Plus. Our research indicates that dedicated Klarna users are looking for an enhanced shopping experience through a subscription model. Klarna Plus addresses this demand, allowing us to deepen our engagement with 37 million loyal US consumers while also further diversifying a portfolio of payment and shopping solutions,” says David Sandstrom, Chief Marketing Officer, Klarna.
Customers choosing Klarna Plus will receive a welcome offer that saves them $8 on their first purchase (restrictions apply).
Klarna Plus offers the following features with more promised in the future:
Double rewards points
No service fees (restrictions apply)
Exclusive deals, including discounts at Nike, COACH, Macy's, Instacart, and more (limitations apply)
Learn more about Klarna Plus here: https://www.klarna.com/us/klarna-plus/
Read More on Trends, Updates, and Industry Leaders
Original Article Links:
PayPal and Venmo Unveil Six New Innovations to Revolutionize Commerce
Dillard’s, Citi and Mastercard Announce New Credit Card Agreements
Klarna enters booming subscription market with the launch of Klarna Plus in the US
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