PayPal to Build Advertising Platform
The advertising business, which include PayPal's advanced offers platform, will use customer insights to build a dynamic, truly personalised platform for driving better advertising spend performance.
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PayPal, a digital payment platform, is developing an advertising sales business built on its user data. The ad network will be built using data from user purchases as well as wider spending patterns from the millions of people using PayPal and Venmo.
The advertising business, which include PayPal’s advanced offers platform, will use customer insights to build a dynamic, truly personalised platform that will drive better advertising spend performance for merchants while delighting consumers with compelling offers.
The company has hired Mark Grether, former Vice President and General Manager of Uber Advertising, to spearhead this business.
“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 company said in its statement.
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The company has also onboarded John Anderson as SVP, General Manager, Consumer Group, and will be accountable for PayPal’s consumer business, including product strategy for PayPal and Venmo globally.
According to the company’s most recent earnings report, PayPal processed 6.5 billion payments by roughly 400 million customers in the first quarter, whereas the total payment volumes climbed 14% to $403.9 billion during the quarter.
