PayPal is building an ad network based on all your Venmo data

PayPal is being launched an advertising platform built on a treasure trove of customer transaction data. The company’s new advertising business will cover purchasing information and spending habits from customers of PayPal and its sister app Venmo, according to for Wall Street Journal.

PayPal has hired Mark Grether, former vice president and general manager of Uber Advertising, to lead its advertising business. “If you buy products on the web, we know who is buying the products and where and we can leverage the data,” Grether said in a statement to WSJ. He also said that PayPal will receive purchase data from customers who use their credit card in stores.

A PayPal spokesperson told WSJ that the company will collect customer data by default, while offering the possibility of cancellation. When asked about the types of data PayPal will collect, spokesperson Taylor Watson said On the edge that the advertising platform is still in an “initial stage” and that the company does not yet have “definitive answers”. “Together with the advertising business, PayPal will create transparent and easy-to-use privacy controls,” says Watson.

As part of your most recent earnings In the report, PayPal revealed that it processed 6.5 million transactions from 427 million customers in the first quarter of 2024. PayPal claims that the new platform will help merchants “effectively sell more products and services” while that presents relevant products to customers. Earlier this year, PayPal showed off its advanced offering platformthat uses AI to analyze customer purchases and help merchants create personalized offers.