PayPal gives its Venmo mobile payments app an overhaul

Mobile payments - PayPal logo on phone

The company’s stock has tumbled as much as 6.5 percent since last summer following product revamps. PayPal Holdings CEO Alex Chriss recently promised that the company would “shock the world” with changes coming up to products like its mobile payments. The announcement and the optimism it brought sent the stock price up by 5 percent for the days following. The upgrades include mobile payments app Venmo revamps as well as the opportunity to use the PayPal app to earn cash back. Furthermore, the checkout process for consumers has been streamlined,…

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Mastercard launches Shopping Muse artificial intelligence personal assistant

Artificial intelligence - AI with Mastercard credit cards

The credit card giant has introduced the new generative AI tool to help shoppers find what they want. Mastercard has announced the launch of its new generative artificial intelligence tool meant to provide shoppers with a personal shopping assistant. The tool was unveiled at a time when consumers are particularly interested in using AI in their lives. The Mastercard artificial intelligence tool, dubbed Shopping Muse, was rolled out by the company’s Dynamic Yield unit. It is meant to meet the needs of consumers who are increasingly turning to AI to…

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Digital wallets could prove very expensive for conventional banks

Digital Wallets - Bank

As these payment apps and services grow in number and use, banks could lose out on billions in transactions. Consumers worldwide are increasingly using digital wallets to complete transactions both online and while in-store shopping, which means that banks stand to lose out on billions in transactions that would traditionally have belonged to them. What has yet to be seen is if those banks will pivot to keep up with their primary online competition. As digital wallets such as PayPal, Apple, and others are adopted at a rapid rate in…

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M-commerce sales to double by 2025, reaching over $700 billion

M-commerce Sales Increase

An eMarketer study predicts that smartphone-based sales will continue their skyrocketing rate. Back in 2020, m-commerce sales took off by 41.4 percent, continued their growth last year and are expected to continue on that path throughout this year as well, according to a recently released eMarketer report. Mobile shopping was already rising fast but the pandemic spurred things on even faster. According to the report, m-commerce sales are expected to see another 15.2 percent growth rate this year, bringing them to the $359.3 billion by the close of 2022. The…

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By 2025 mobile commerce sales will pass $700 billion

Mobile commerce sales - pennies on top of phone

A new eMarketer report has shown that last year saw 41.4 percent growth over the year before. Mobile commerce sales have reached the point that they are absolutely explosive, to the point that they will be doubling by 2025 according to eMarketer data. Last year saw a growth rate of 41.4 percent, and this year’s is expected to be 15.2 percent, which will bring it to $359.3 billion. People have become exceptionally comfortable with shopping online using their smartphones. “Smartphones have historically been primarily consumption devices, but they’re becoming much…

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