PayPal is building an ad network based on your Venmo data
www.theverge.com
PayPal will collect customer data by default.

“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 in a statement to the WSJ. He also said that PayPal will receive shopping data from customers using its credit card in stores.

A PayPal spokesperson tells the WSJ that the company will collect data from customers by default while also offering the ability to opt out.

PayPal is far from the only company to sell ads based on transaction information. In January, a study from Consumer Reports revealed that Facebook gets information about users from thousands of different companies, including retailers like Walmart and Amazon. JPMorgan Chase also announced that it’s creating an ad network based on customer spending data, while Visa is making similar moves. Of course, this doesn’t include the tracking shopping apps do to log your offline purchases, too.

      • CosmicTurtle0@lemmy.dbzer0.comEnglish
        0·
        4 months ago

        Is it just me or are cheques still the best, cheapest, most secure, and generally universal way to send money from one person to another?

        I’ve been thinking about this a lot the past few weeks.

        • Assuming all parties have a bank account, you normally can get checks for free or some nominal amount.
        • Checks can be deposited via a bank’s mobile app.
        • They don’t require you to download a separate app.
        • You can stop a check by calling your bank
        • Since your money doesn’t leave the bank, it’s FDIC insured

        Yes I know that the MIRC line isn’t secured but your account is still protected by the bank for any fraud. You don’t get those same protections from venmo or cashapp.

        The closest I’ve seen is zelle but not every bank supports it.

        Every bank supports depositing in a check.

      • lemmytellyousomething@lemmy.dbzer0.comEnglish
        0·
        4 months ago

        Paypal was the fast way to transfer money until 2024 in the EU.

        But the EU has recently made it mandatory for banks to offer free SEPA instant payments. 15 seconds to send up to 100k as far as I know.

        BTW: Look at the share price and how it went down and did not recover…

        • sabreW4K3@lazysoci.alEnglish
          0·
          4 months ago

          I’d never heard of SEPA. That’s actually quite cool. Does that mean no more seeing payments pop up six days later.

          • lemmytellyousomething@lemmy.dbzer0.comEnglish
            1·
            4 months ago

            SEPA is actually what we had so far. That is how the employer sends you the money. That’s how you pay rent. That’s how you pay off debts. That’s how your insurances take money from you.

            SEPA instant payments is what’s new and it allows to transfer money to someone in under 15 seconds. It existed for a few years, but usually cost money and was not even available for all banks. That’s changing now. Step 1 is making it free and force all banks to offer it. Step 2 will be replacing the old, slower system with it completely.