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.

  • applepie@kbin.social
    7·
    6 months ago

    Thw issue is aggregation of all of the data into mega datasets that are used to fix prices.

    A lot of the inflation we are seeing recently is literally result of these dataset being compiled.

    They know how much you make, how much you save etc so they can determine how much they can extract from you esp once you add behavioral data. We are all profiled and they know what you like.

    Although fast food seems to finally hit a wall on that…

    • variants@possumpat.ioEnglish
      3·
      6 months ago

      The worst part is that it doesn’t just affect you, it’ll make it much easier to profile new users going forward so future generations will be screwed over even more. Imagine your insurance prices or phone bill being calculated by your max tolerance you would pay before searching for a different provider

      • applepie@kbin.social
        2·
        6 months ago

        we started down this path when we all signed for cash back credit card tbh…

        but yes data does have a snow ball property… and boy have we hit critical mass. at this point, i doubt any of this can be reverted or even properly countered.

        Best we can do is small direct action since the government sold out us and will side with mega corps.