According to a report published by The Wall Street Journal on Tuesday, PayPal (NASDAQ: PYPL) is planning to establish an advertising sales division.
The division will reportedly be developed using data collected by PayPal, tracking the purchasing and spending patterns of millions of consumers who use PayPal’s payment services, including the Venmo app.
The report mentioned that PayPal has appointed a new vice president and the head of the newly formed PayPal Advertising division to lead this initiative. This executive previously managed the advertising sector at Uber.
The Wall Street Journal quoted the newly appointed division head as saying, “If you’re buying stuff online, we know who’s buying what and where they’re buying it from, and we can use that information.”
The advertising unit to be established aims to market advertisements not only to existing customers but also to those who do not use PayPal for product or service sales.
The executive chosen to lead this division will be tasked with designing new advertising formats, managing sales operations, and hiring staff for the new department.
In January, PayPal launched Advanced Offers, the first advertising offering that uses artificial intelligence and the company’s extensive data to help merchants target PayPal users with special discounts and promotional opportunities.
Source: investing.com
