BNPL Volume Increases in PayPal's Third-Quarter Earnings Data
PayPal announced in its third-quarter earnings report that its BNPL payment volume increased by 25 percent, its workforce decreased by more than 2,000, and it is preparing for AI-driven shopping.
During the meeting where it released its third-quarter earnings report, PayPal announced a 25 percent increase in buy now pay later (BNPL) payment volume, preparations for artificial intelligence integrations, and a restructuring that includes reducing its workforce by more than 2,000 people.
In his remarks during the company's third-quarter earnings call, PayPal CEO Enrique Lores stated that they are preparing for a future where consumer and merchant AI agents can shop with one another. Noting that work is underway with Meta and other artificial intelligence companies regarding integration into personal agents, Lores stated that customer service agents support more than 24 million interactions in 190 countries and six languages. The company aims for at least $1.5 billion in gross annual savings within two to three years, and in this context, it has reduced its workforce by more than 2,000.
Sources
- pymnts.com · Link