PayPal integrated into ChatGPT for instant checkouts

PayPal's shares have surged by 10% following the announcement of its partnership with ChatGPT
An undated image. — PayPal Newroom
An undated image. — PayPal Newroom

PayPal announced a partnership with OpenAI on Tuesday, allowing ChatGPT users to use it to make purchases within the AI chatbot.

This partnership links PayPal's extensive network of merchants with ChatGPT, facilitating easy shopping for its weekly 800 million active users.

With this integration, consumers can make purchases using their bank accounts, PayPal balance, or credit/debit cards. 

The recent PayPal integration into ChatGPT reportedly led to a 10% jump in its shares.

Additionally, they benefit from the e-payment platform’s built-in protections for both buyers and sellers, along with features to monitor orders and address any issues after the transaction.

This initiative allows the platform to engage with a vast user base of individuals who currently utilise OpenAI's ChatGPT.

"We want PayPal to be available anywhere and everywhere that consumers want to pay, and we want merchants to be able to sell to consumers anywhere and everywhere," PayPal CEO Alex Chriss said in a statement.

Chriss stated that integrating with OpenAI will enhance product availability. PayPal now expects adjusted earnings per share (EPS) to be between $5.35 and $5.39, exceeding earlier estimates. Additionally, the board approved a quarterly dividend of 14 cents per share.

Under Chris's leadership, the e-payment platform has shifted focus toward profitability and high-margin businesses amid changing consumer behaviour post-pandemic.

Despite economic challenges, the company reported a 7% increase in total payment volume to $458.1 billion and a 6% rise in revenue to $8.4bn for the third quarter.