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Around the world, hundreds of millions of people use PayPal. The financial tech company makes sending and receiving funds relatively simple. PayPal users can likewise get debit cards which offer cashback rewards on purchases of groceries, fuel, and more.

Thanks to the platform's streamlining of online purchases (without any need for currency conversion), users have found PayPal meets their needs in both professional and personal capacities. Suffice it to say, this app is not going away anytime soon.

In fact, as the year gets started, PayPal is working to increase effectiveness and convenience for its hundreds of millions of customers. One of the latest steps in this direction involves the use of artificial intelligence (AI) to further facilitate transactions.

What to know about the latest embrace of AI from PayPal

Last week, PayPal announced its decision to include six new, AI-fueled components in its platform. All of them will center around boosting merchant sales, customizing the offers promoted to individuals, and simplifying the checkout process.

One confirmed feature for PayPal users to look forward to now is the "Smart Receipts."

According to the tech company, this tool will take note of customers' history of purchases, using the information to predict their future buys. Smart Receipts is also going to show each customer cashback opportunities and tailored recommendations.

Bringing these tools to fruition will naturally require people to permit merchants access to their personal data. PayPal users who deem this to be problematic can opt out via on-site privacy controls.

At this time, the company has yet to reveal additional AI tools that will accompany Smart Receipts. However, PayPal CEO Alex Chriss maintains these new steps forward will tackle "pain points" and revolutionize the world of commerce.

Could other financial tech companies follow suit?

Current developments follow part of an ongoing pattern with AI. Businesses across different industries are consistently embracing the aforementioned technology as a tool to assist human workers, improve customer experiences, and otherwise enhance general operations.

In light of this, there's a very real possibility that apps like Venmo, Zelle, CashApp, etc., may decide to bring on new AI tools in the coming months or years.