PayPal has reached a protocol with OpenAI to become the first online payment Wallet for ChatGPT, focusing on personal shopping assistance.

Payment platform PayPal announced a partnership agreement with OpenAI to integrate its digital wallet service into ChatGPT, becoming the first wallet on the AI platform that can directly facilitate payments. After the announcement, PayPal (Nasdaq: PYPL) saw its stock price rise by about 4%, currently reaching USD $73.02. According to PayPal CEO Alex Chriss, this agreement finalized last weekend will take effect next year, at which point the PayPal system will fully integrate with ChatGPT, allowing users to use PayPal to purchase goods through the ChatGPT platform, and PayPal merchants will also be able to showcase and sell products on the platform.

Users can click to use PayPal to make purchases within ChatGPT.

PayPal CEO Alex Chriss stated in an interview with CNBC that users will only need to click the “Use PayPal to Buy” button within ChatGPT to complete a secure checkout in the future. PayPal will also be responsible for merchant payment processing, verification, and fund routing services on ChatGPT, allowing individual merchants to list and sell without needing to register for an additional OpenAI account. Chriss emphasized that both consumers and merchants have been verified by the fintech company, which reduces the risk of fraud for both parties. Users can fund their shopping expenses by withdrawing from linked bank accounts, credit cards, or stored balances, and will receive protection, package tracking, and dispute resolution services.

Open AI promotes e-commerce, ChatGPT will become a personal shopping assistant.

This collaboration is seen as an important step for OpenAI in promoting ChatGPT's entry into the e-commerce sector. Recently, OpenAI has successively partnered with Shopify, Etsy, and Walmart, aiming to enable over 700 million weekly ChatGPT users to utilize artificial intelligence as their “personal shopping assistant” to search for and select products.

Chriss stated that PayPal hopes to play the role of payment infrastructure in the development of the “AI Shopping Assistant”. The company also announced a collaboration with Google and AI company Perplexity, and recently released its third quarter financial report, along with a new protocol with OpenAI. He emphasized that PayPal has a comprehensive user and merchant verification system that can reduce fraud risk. Consumers can make payments using linked bank accounts, credit cards, or PayPal balances, and enjoy transaction protection, package tracking, and dispute resolution services.

OpenAI has also partnered with Stripe to launch an instant checkout feature. Unlike OpenAI's collaboration with PayPal, Stripe's “Link” product currently cannot store merchant funds and does not have a dedicated app, while PayPal features a comprehensive wallet with full fund storage and payment capabilities, becoming the first payment system that allows ChatGPT to complete transactions directly.

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