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.

  • gh0stcassette@lemmy.blahaj.zoneEnglish
    3·
    5 months ago

    I mean, the blockchain is public, so all that data is definitely being mined. It’s really just a matter of whether your transaction history can be correlated to you (e.g. bought the crypto through an exchange via credit/debit, or if you’re making crypto purchases in a way that correlates strongly enough with your internet traffic).

    • chicken@lemmy.dbzer0.comEnglish
      2·
      5 months ago

      No, I used Monero, transactions aren’t visible. You are right that blockchains are public and there is a lot of mineable data in cryptocurrency generally, but the point is that it is possible to have a system of digital payments with all the privacy properties of physical cash.