According to a report by The Wall Street Journal on Tuesday, PayPal plans to establish an advertising sales business.
This business will be based on data generated by tracking the purchasing and spending behavior of millions of consumers, including users of the Venmo app.
The report noted that PayPal has hired a new Senior Vice President and General Manager of PayPal's advertising unit to lead this effort. This leader previously oversaw Uber's advertising business.
The Wall Street Journal quoted the new leader saying, "If you buy products online, we know who bought what and where, and we can utilize this data."
The new advertising unit aims to sell ads to its own customers as well as companies that do not sell products or services through PayPal.
The head of this department will be responsible for creating new advertising formats, overseeing sales, and hiring staff to grow the department.
In January, PayPal launched its first advertising product called "Enhanced Offers," which uses artificial intelligence and company data to help merchants offer discounts and other promotions to PayPal users.
