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PayPal Joins Growing List Of Financial Firms Selling Your Private Transaction Data For Targeted Ad Network

winepressnews.com

by Jacob M. Thompson

 

PayPal recently announced last month that it will begin to sell and distribute customer’s personal and private transaction data to create a targeted advertising network, touted as benefitting bother merchants and consumers.

The WinePress reported in April that JP Morgan-Chase will be doing something similar by monetizing 80 million of their customer’s transaction history for targeted ads.

VISA also revealed last month that the company will begin distributing transaction data to retailers.

PayPal noted in their press release:


PayPal Holdings, Inc. today announced new leadership appointments that will drive the creation of a new advertising platform and strengthen the company’s consumer value proposition. Mark Grether will join on May 28 as SVP, General Manager, PayPal Ads, and John Anderson has joined as SVP, General Manager, Consumer Group. Grether and Anderson will report to Diego Scotti, EVP, General Manager, Consumer Group and Global Marketing & Communications.

Advertising Platform
PayPal’s long-standing relationships with millions of consumers and merchants make the company uniquely positioned to create an advertising platform that is rooted in commerce. Grether will join the company to build an advertising business that will help make merchants smarter to sell more products and services effectively, as well as enable consumers to discover more of what they love. The advertising business, which will include PayPal advanced offers platform, will use customer insights to build a dynamic, truly personalized platform that will drive better advertising spend performance for merchants while delighting consumers with compelling offers.

Grether has been a leader in the advertising industry for more than 20 years. He joins PayPal from Uber, where he was the Vice President, General Manager of Uber Advertising. Under his leadership, Uber Advertising grew to a $1 billion business with more than 500,000 advertisers globally. He successfully led the acceleration of the company’s global advertising business, helping merchants, brands, and other advertisers reach Uber’s highly engaged user base across its Mobility and Delivery divisions. Prior to Uber, Grether led the product strategy for Amazon’s advertising business, and he served as CEO of Sizmek, one of the largest independent advertising platforms globally, which was sold to Amazon in 2019. Prior to Sizmek, Mark was the co-founder and global COO of WPP’s Xaxis, which became a leading programmatic media company…

READ FULL ARTICLE HERE… (winepressnews.com)

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