On Thursday, PayPal Holdings’ (NASDAQ:PYPL) shares experienced a drop of more than 3% on Thursday following updates shared during the company’s innovation event.

During the event, PayPal announced the introduction of several product enhancements, highlighting six new innovations currently in the pilot phase and set to be launched in the market this year.

These advancements are focused on transforming commerce by leveraging artificial intelligence (AI) for personalized experiences tailored to both merchants and consumers. A key innovation unveiled by PayPal is a completely revamped checkout experience. This new system is designed to streamline the checkout process for consumers, thereby improving transaction conversion rates for merchants.

PayPal also introduced Smart Receipts, a feature aimed at offering AI-driven, personalized recommendations from merchants, enhancing customer engagement and retention.

Additionally, the company announced a significant overhaul of its PayPal consumer app. The updated app will provide users with new ways to earn cash back and other incentives for using PayPal.

The updates extend to PayPal’s Venmo service as well, which will now feature enhanced business profiles, broadening the scope of services and functionalities offered to users.

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