Payment processor PayPal has entered into a partnership with OpenAI to integrate its payment technology into ChatGPT, as told to CNBC in an exclusive interview.
The new collaboration will allow OpenAI to join their user base to their favorite e-commerce sites and allow them to make payments seamlessly.
PayPal CEO Alex Chriss said in the interview that the company has hundreds of millions of wallet holders who can now click on a ‘Buy with PayPal’ button on ChatGPT, giving them the option to have a safe and secure shopping experience.
The update comes a month after OpenAI announced the integration of an Agentic Commerce Protocol made in development with Stripe, which was made available to ChatGPT Plus, Pro, and Free users in the U.S., giving shoppers the option to buy from Etsy sellers.
PayPal said that it will be handling the end-to-end process of merchant routing, payment validation, and other relevant aspects of payment processing.
The ChatGPT integration is part of a larger rollout of agentic commerce tools by PayPal to enable AI-driven shopping, as per a press release by the payment tech firm on the same day as the update of the partnership with OpenAI.
The new suite of AI-based commerce tools includes an agentic payments solution called Agent Ready, which the official statement says is capable of fraud detection, buyer protection, and resolving disputes. Another additional feature is store sync, which is expected to make product data of merchants available on leading AI channels.
Source: Google Finance
PayPal shares closed on Monday at a price of $70.25.