“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.
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.
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !privacyguides@lemmy.one
In the digital age, protecting your personal information might seem like an impossible task. We’re here to help.
This is a community for sharing news about privacy, posting information about cool privacy tools and services, and getting advice about your privacy journey.
You can subscribe to this community from any Kbin or Lemmy instance:
Check out our website at privacyguides.org before asking your questions here. We’ve tried answering the common questions and recommendations there!
Want to get involved? The website is open-source on GitHub, and your help would be appreciated!
This community is the “official” Privacy Guides community on Lemmy, which can be verified here. Other “Privacy Guides” communities on other Lemmy servers are not moderated by this team or associated with the website.
Moderation Rules:
We prefer posting about open-source software whenever possible.
No soliciting engagement: Don’t ask for upvotes, follows, etc.
Surveys, Fundraising, and Petitions must be pre-approved by the mod team.
Be civil, no violence, hate speech. Assume people here are posting in good faith.
Don’t repost topics which have already been covered here.
News posts must be related to privacy and security, and your post title must match the article headline exactly. Do not editorialize titles, you can post your opinions in the post body or a comment.
Memes/images/video posts that could be summarized as text explanations should not be posted. Infographics and conference talks from reputable sources are acceptable.
No help vampires: This is not a tech support subreddit, don’t abuse our community’s willingness to help. Questions related to privacy, security or privacy/security related software and their configurations are acceptable.
No misinformation: Extraordinary claims must be matched with evidence.
Do not post about VPNs or cryptocurrencies which are not listed on privacyguides.org. See Rule 2 for info on adding new recommendations to the website.
General guides or software lists are not permitted. Original sources and research about specific topics are allowed as long as they are high quality and factual. We are not providing a platform for poorly-vetted, out-of-date or conflicting recommendations.
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.