PayPal aims to capitalize on its vast user data to create an ad sales business. The company will utilize the data it collects from tracking user purchases and broader spending behaviors to develop an ad network, reported The Wall Street Journal.
Grether, who previously led Uber's advertising business, will serve as the Senior Vice President and General Manager of the newly-formed PayPal Ads division. He will be responsible for creating new ad formats, managing sales, and expanding the division's team.
PayPal processed 6.5 billion payments from approximately 400 million customers in the first quarter of 2024. The company aims to leverage this data to provide advertisers with a detailed picture of the consumers they are targeting.
"If you're someone who's buying products on the web, we know who is buying the products where, and we can leverage the data," Grether said.
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