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PayPal to Unlock Data to Help Merchants by Using AI – Is Digital Currency Also on the Agenda?


PayPal to Unlock Data to Help Merchants by Using AI

PayPal CEO Alex Chriss joined CNBC’s “Squawk on the Street” host David Faber to reveal more about its Innovation Day on January 25th, which he had teased on Tuesday, inviting followers on LinkedIn to join him for an exclusive preview of the first innovations PayPal and Venmo were piloting and bringing to market this year, “innovations that we believe will change commerce as we know it.”

Chriss told Faber in Wednesday’s interview, “We have over 35 million merchants that are using PayPal,” he said. “When we improve their conversion rate, it improves their business, it improves our bottom line – we’re kicking things off on the 25th.”

Faber probed to see if Chriss would provide more information about the company’s forthcoming announcements on the 25th.

The PayPal CEO responded, “For our merchants, we have the ability to leverage AI, to deliver an incredible improvement in their conversion rates, and then, we have to let our small businesses and our consumers connect, leveraging AI-driven personalization.”

Chriss got a little more specific about one area, telling Faber, “Advertising costs have gone up 2X over the last few years, we need to be able to give them the opportunity to leverage the data that they have and improve their business.”

In response to statements from the CNBC host that Wall Street analysts weren’t loving PayPal’s stock, Chriss said, “I love being an underdog” and said PayPal will “shock the world.”

Some of his followers on LinkedIn commented on Chriss’s post about the CNBC interview that they were hoping PayPal would include news about innovations involving digital currencies.

You can watch the full interview on CNBC. PayPal will be broadcasting Innovation Day next Thursday on its YouTube channel.

Ina Steiner

Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She’s a widely cited authority on marketplace selling and is author of “Turn eBay Data Into Dollars” (McGraw-Hill 2006). Her blog was featured in the book, “Blogging Heroes” (Wiley 2008). She is a member of the Online News Association (Sep 2005 – present) and Investigative Reporters and Editors (Mar 2006 – present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.



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