“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.
Same happened in Australia. A few years back they brought in osko payid. Which means you can send money from your bank directly to others via their email or phone number. And it arrives in seconds.
As much as I’d like PayPal to have competition, I’ve seen the share chart and there’s a flexion just this month (not a so small one, but it’s just a month).
What the EU has done with instant bank transfer is great, but I think that the 15 seconds limit is too much for that function to be used by other apps (Satispay) to transfer money. I mean, 15 seconds is nothing, but waiting in line at the supermarket standing still for 15 seconds will fill an eternity!
The 15 seconds are more like a maximum. It’s usually faster.
Taking out you phone and maybe entering the phone PIN, opening the banking app and entering a PIN for that takes some time, too.
The advantage that Paypal still has: It’s like a social network. People are connected and it might be easier to use it instead of first asking people for their IBAN code to send the money…
If it’s less than that, it could work. The problem about asking the IBAN could be bypassed by QR codes in shops.
I think that the instant bank transfer (if very fast) could help the rise of other apps that don’t have to pay fees to the credit card circuit and so be competitive and compete with PayPal.
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.
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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…
Same happened in Australia. A few years back they brought in osko payid. Which means you can send money from your bank directly to others via their email or phone number. And it arrives in seconds.
Also free.
As much as I’d like PayPal to have competition, I’ve seen the share chart and there’s a flexion just this month (not a so small one, but it’s just a month).
What the EU has done with instant bank transfer is great, but I think that the 15 seconds limit is too much for that function to be used by other apps (Satispay) to transfer money. I mean, 15 seconds is nothing, but waiting in line at the supermarket standing still for 15 seconds will fill an eternity!
The 15 seconds are more like a maximum. It’s usually faster. Taking out you phone and maybe entering the phone PIN, opening the banking app and entering a PIN for that takes some time, too.
The advantage that Paypal still has: It’s like a social network. People are connected and it might be easier to use it instead of first asking people for their IBAN code to send the money…
If it’s less than that, it could work. The problem about asking the IBAN could be bypassed by QR codes in shops. I think that the instant bank transfer (if very fast) could help the rise of other apps that don’t have to pay fees to the credit card circuit and so be competitive and compete with PayPal.
I’d never heard of SEPA. That’s actually quite cool. Does that mean no more seeing payments pop up six days later.
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.
Thank you so much for taking the time to explain. It’s posts like this why I enjoy Lemmy so much. Thanks for educating me.