PayPal is making its own withdrawal, this time its customer and merchant data to offer fine tuned targeting in a new advertising platform.
The advertising business, which will include PayPal advanced offers platform, will use customer insights to build a personalised platform for merchants.
"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," said Diego Scotti, EVP.
The moves follows others in the finance sector leveraging customer spending data. JPMorgan Chase in the US launched its own retail media business, offering fine targeting using financial transaction history.
PayPal has hired Mark Grether, formerly at Uber’s advertising business, as senior vice president and general manager PayPal Ads.
He is credited with growing Uber Advertising to a $1 billion business with more than 500,000 advertisers globally.
Grether also led the product strategy for Amazon's advertising business, and he served as CEO of Sizmek, a large independent advertising platforms globally.
He was also the co-founder and global COO of WPP's Xaxis, which became a leading programmatic media company.
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