PayPal has appointed Srini Venkatesan, a top tech executive from Walmart, as its new chief technology officer to lead the company’s foray into artificial intelligence. This move aligns with PayPal CEO Alex Chriss’ goal to leverage AI and introduce new AI-based products to cater to customer demands. Venkatesan will be responsible for overseeing technology across PayPal, including AI and machine learning, information security, and product engineering.
Venkatesan previously managed a team of 14,000 employees at Walmart’s U.S. Omni Platforms and Tech organization, where he oversaw the development of platforms that supported various retail initiatives, including Walmart’s subscription service Walmart+. Meanwhile, PayPal’s current chief technology officer, Archie Deskus, is set to depart the company in July after facilitating a smooth transition.
Chriss, who took the helm in September, aims to explore new revenue streams beyond transaction-related volume. He envisions 2024 as a turning point for PayPal and is focused on expanding the company’s offerings through technological innovation. Venkatesan’s experience in leading technology, digital transformation, and AI personalization from major retailers is considered a valuable asset in achieving these goals.
With Venkatesan at the helm of its technology division, PayPal is poised to further enhance its capabilities in AI and machine learning, driving innovation and growth in the competitive fintech sector.
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