PayPal became the first service to integrate its digital wallet into ChatGPT
PayPal has signed an agreement with OpenAI to integrate its digital wallet into ChatGPT so that users can pay for goods found using artificial intelligence.
PayPal has signed an agreement with OpenAI to integrate its digital wallet into ChatGPT so that users can pay for goods found using artificial intelligence.
The company said this in an interview with CNBC. Thanks to the agreement, PayPal users will be able to buy goods through the artificial intelligence platform, and sellers will be able to sell their goods on it.
«We have hundreds of millions of loyal PayPal wallet owners who will now be able to click the ‘Buy with PayPal’ button in ChatGPT and make a secure payment,» said PayPal CEO Alex Kris.
OpenAI is working to expand ChatGPT’s use for e-commerce to engage its 700 million weekly users in shopping with AI as a personal advisor. Last month, OpenAI said its users could buy from Shopify and Etsy sellers, and two weeks ago it announced an e-commerce deal with Walmart.
«This is a completely new paradigm for shopping. It’s hard to imagine that agency commerce won’t be a big part of the future,» said Chris.
PayPal is trying to position itself as the payments backbone for the coming era of agent-based AI shopping, announcing recent deals with Google and artificial intelligence company Perplexity. The company will also manage merchant routing, payment verification and other aspects of payment processing for PayPal merchants on ChatGPT, so individual merchants don’t have to sign up with OpenAI, the company said.
Chris emphasized that both consumers and sellers have been verified by the fintech company, which reduces the risk of fraud for both groups. Users can withdraw funds from linked bank accounts or credit cards, or from accumulated balances to pay for purchases, and they will receive protection, package tracking, and dispute resolution.
PayPal previously announced that it would allow sellers of goods and services to accept cryptocurrency at checkout. This will allow them to accept over a hundred different cryptocurrencies, including Bitcoin, Ethereum, USDT from Tether, and USDC from Circle. When a consumer pays with cryptocurrency, the funds are automatically converted into fiat currency or PayPal’s PYUSD stablecoin for credit to the seller’s account.
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PayPal allows sellers of goods and services to accept cryptocurrency: when will this option become available
PayPal allows sellers of goods and services to accept cryptocurrency: when will this option become available
New opportunity for developers: OpenAI launches applications inside ChatGPT
New opportunity for developers: OpenAI launches applications inside ChatGPT
Microsoft, eBay, and PayPal are cutting jobs to invest the freed-up funds in AI. 34,000 people have lost their jobs in the tech industry since the beginning of the year
Microsoft, eBay, and PayPal are cutting jobs to invest the freed-up funds in AI. 34,000 people have lost their jobs in the tech industry since the beginning of the year
