(Bloomberg/Steve Dickson) — PayPal Holdings Inc. shares soared after it reached a deal with OpenAI to embed its digital wallet inside the firm’s ChatGPT product.
Hundreds of millions of OpenAI users already use the startup’s generative artificial intelligence to find products, according to a statement. The new tie-up will mean PayPal provides the payment technology to turn those searches into actual purchases.
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Shares of PayPal, which had slumped almost 18% this year through Monday, surged 9.3% in early New York trading. The service will offer multiple funding options as well as PayPal’s buyer and seller protections and post-purchase services such as tracking and dispute resolution, the companies said in a statement.
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