Washington, Jan 27: PayPal (PYPL.O), opens new tab is launching new artificial intelligence-driven products as well as a one-click checkout feature, the company said on Thursday as its chief executive tries to inject new life into the payments giant.
It is the first major announcement under Alex Chriss, who joined PayPal in September, and the new products are another example of how companies are trying to tap investor enthusiasm for AI, which helped drive U.S. stock markets to record highs this month.
Investors hope Chriss, who was previously a senior executive at software company Intuit (INTU.O), opens a new tab, will revive PayPal’s stock, which is down more than 22% from January 2023 due to margins that have underwhelmed investors. Chriss has called 2024 a “transition year” for PayPal and has promised to grow revenues beyond transaction-related volume.