PayPal is getting into the bot business, reportedly building its first bot for Slack users.
According to a report, the new bot enables users of Slack to send P2P payments, all while staying within the Slack team messaging app. Users have to install the bot on the Slack App Directory, and after that, they can link their PayPal accounts. The report noted Slack users can send up to $1,000 via PayPal with the new bot. The bot is available in the U.S., U.K., Canada and Australia.
While PayPal is just getting into the chatbot market, the industry is expected to grow as consumers get used to this way of communicating. According to market research firm Technavio and its Global Chatbot Market 2017–2021 research report, the global chatbot market will grow at a CAGR of approximately 37 percent during the next five years.
Among Technavio’s top three categories, the common thread running through all has been the fact that chatbots help to greatly improve the customer experience. As a result of this enhanced customer interaction, there has been a domino effect, greatly reducing operational costs via increasing both efficiency and productivity.