According to a report by The Wall Street Journal on Tuesday, PayPal (NASDAQ:PYPL) is planning to build an ad sales business.
The business will reportedly be built around the data PayPal generates via the tracking of purchases and the spending behaviors of millions of consumers who use its services, including the Venmo app.
The publication said PayPal has hired a new senior vice president and general manager of the new PayPal Ads division to lead the effort. This individual previously led Uber's advertising business.
The WSJ quoted the new leader of the division as saying, "If you're buying products on the web, we know who is buying the products where, and we can leverage the data."
The new ads unit will aim to sell ads to its own customers and those that don't sell products or services through PayPal.
The appointed head of the division will be responsible for creating new ad formats, overseeing sales, and hiring staff to fill out the division.
In January, PayPal introduced its first ad product, Advanced Offers, which utilizes AI and the company's data to help merchants target PayPal users with discounts and other promotions.