• Tuesday • May 28, 2024

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    Wall Street Journal

    PayPal Is Planning an Ad Business Using Data on Its Millions of Shoppers

    Payments Company Hires Uber’s Former Head of Advertising to Run a New Ad Division

    PayPal hopes to boost its growth by starting an ad network juiced with something it already owns: data on its millions of users. The digital payments company plans to build an ad sales business around the reams of data it generates from tracking the purchases as well as the broader spending behaviors of millions of consumers who use its services, which include the more socially-enabled Venmo app.

    PayPal has hired Mark Grether, who formerly led Uber’s advertising business, to lead the effort as senior vice president and general manager of its newly-created PayPal Ads division. In his new role, he will be responsible for developing new ad formats, overseeing sales and hiring staff to fill out the division, he said.

    PayPal in January introduced Advanced Offers, its first ad product, which uses AI and the company’s data to help merchants target PayPal users with discounts and other personalized promotions.

  • Monday • October 2, 2023

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    Industry News Source

    Visa to Invest $100 Million in Generative AI for Commerce and Payments

    This Initiative Builds Upon Visa’s Long-Standing Use of AI in Payments and Its Commitment to Driving Innovation in the Industry

    Visa has launched a new $100 million generative artificial intelligence (AI) ventures initiative, aiming to invest in companies focused on developing generative AI technologies and applications that will shape the future of commerce and payments.

    Generative AI, an emerging subset of AI, utilizes large language models (LLMs) to create artificial general intelligence capable of generating text, images, and other content from vast amounts of existing data.

    Jack Forestell, chief product and strategy officer at Visa, said in the release: “While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand.”