&imwidth=800&imheight=600&format=webp&quality=medium "PayPal, OpenAI ink deal for shopping-enabled ChatGPT | Details inside")
Payments platform PayPal has finalised a deal with generative AI firm OpenAI, which will allow ChatGPT users to buy products using the company's wallet. The announcement of the deal resulted in an upsurge in the firm's shares in premarket trading. PayPal has also announced its first-ever dividend in its 27-year history.
PayPal said that its partnership with the AI pioneerwill connect its customers to ChatGPT, one of the world's most popular AI chat boxes, allowing users to sell within the tool, reported Reuters.
As people are adopting AI in daily life, AI-based shopping tools are increasingly becoming popular. These tools help users make informed shopping decisions by autonomously researching, comparing, and purchasing products for consumers.
These digital assistants also understand user preferences, set budgets, evaluate reviews, and track prices over time.
What the PayPal CEO said
PayPal CEO Alex Chriss said in a statement that by adopting the Agentic Commerce Protocol, PayPal will power payments and commerce experiences that help people go from chat to checkout in just a few taps for "our joint customer bases".
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PayPal's board, meanwhile, has approved a quarterly dividend of 14 cents per share. The firm has been prioritizing profitability over aggressive revenue growth under the leadership of CEO Alex Chriss.
PayPal posted total payment volume growth of 7% on a FX-neutral basis to $458.1 billion.
The company's payment volumes have remained resilient despite changing spending patterns of the masses amid inflationary pressures.