Fintech Nexus Newsletter (May 28, 2024): PayPal is launching a new ad business
Last month, it was Chase, this month, it is PayPal launching a new ad business.
PayPal has hired Uber’s former head of advertising to run PayPal Ads, the new division that will be selling targeted ads based on its customer data.
Let’s consider PayPal’s scale for a second. In the first quarter alone, PayPal processed 6.5 billion payments from 400 million users. Each one of those payments is a unique data point that can be used for ad targeting.
PayPal users would be opted in by default but will have the ability to opt-out.
It will be interesting to see how these ads are received from PayPal’s customers once they are rolled out.
But I think we are seeing an entirely new product category emerge for those fintech companies and banks with enough scale.
Featured
> PayPal Is Planning an Ad Business Using Data on Its Millions of Shoppers
The payments company hires Uber’s former head of advertising to run a new ad division.
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