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

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. SEE: VISA Introduces The ‘One Card To Rule Them All,’ One Card Connected To Multiple Banks. Replaces Numbers With Digital ID Verification, AI Will Learn Purchases

PayPal noted in their press release:

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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.  

“Commerce and advertising are deeply connected, and we believe that the advertising platform we are building at PayPal will become a must-use marketing channel for merchants big and small. I’m thrilled to have Mark join our team and lead this important work,” said Scotti.  

Consumer Business 
Anderson has spent over 20 years at the intersection of technology platforms and payments. He will be accountable for PayPal’s consumer business, including product strategy for PayPal and Venmo globally. Anderson joins PayPal from Plaid, where he was Head of Product and Payments and oversaw significant growth of Plaid’s payment product suite. Prior to Plaid, John spent a decade at Meta in numerous product and leadership roles, including Head of Product for Oculus, Head of Facebook Japan, and Head of product and operations teams for Payments, Commerce, and Risk. Prior to joining Meta, John founded GroupCard, a social greeting and payments platform that was acquired by InComm. 

“John brings strong experience in developing groundbreaking, personalized consumer experiences to PayPal, which will drive relevance of our brands, fuel our innovation pipeline, and give more reasons for consumers and merchants to choose PayPal,” said Scotti. 

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AUTHOR COMMENTARY

In my report on JP Morgan’s move to do similarly, I commented: “If JP Morgan Chase is now doing this, then you know more banks will begin to follow suit as well. So, what happens when the inevitable data leak happens and everyone’s banking history gets leaked? ‘Oh, we’re sorry, eat grass.’”

We cover this all the time here on The WinePress, but once again, “You’ll own nothing and be happy.” Now, your transaction history is not even sacred and secure: now that is being sold for price so advertisers can incessantly pound you with ads. And this is already on top of the fact that a lot of popular apps, such as Facebook and TikTok, as two glaring examples, are retroactively listening and tracking what users say and do, so the algorithms will curate ads and content based on your search history and what you say out loud in ear shot of the phone or computer.

Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.

All of this, at its core, is helping to build the new global monetary ecosphere of tokenization – the subject of more in-depth future reports, as this is very important and needs to be warned about as it is not getting nowhere near enough attention.

SEE: Cash Recall: JP Morgan Partners With Blackrock To Launch Blockchain-Based Tokenized Collateral Network

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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