SAN FRANCISCO—PayPal said it is seeking to drive growth by launching an ad network supported with something it already owns: data on its millions of users, according to a new report.
“The digital payments company plans to build an ad sales business around the reams of data it generates from tracking the purchases as well as the broader spending behaviors of millions of consumers who use its services, which include the more socially enabled Venmo app,” the Wall Street Journal reported.
PayPal in January introduced Advanced Offers, its first ad product, which uses AI and the company’s data to help merchants target PayPal users with discounts and other personalized promotions, the Journal said.
Advanced Offers only charges advertisers when consumers make a purchase. Online marketplaces eBay and Zazzle have begun testing it, the Journal added.
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