文/刀客doc 01 去年10月我写《PayPal和支付宝都想赚广告费，但我并不看好》的时候，PayPal 还只是成立广告部门， 声称要把支付数据变成媒体资产。 那会儿，感觉更像是PayPal写给华尔街听的故事，落地路径模糊，产品形态也看不清。 我当时的判断是：支付工具离交易很近，但离广告生意其实挺远。 一年过去了，情况有了些的变化。 PayPal把广告业务独立成BU，请来了在Xaxis、亚马逊、Uber都打过仗的 Mark Grether掌舵，在纽约广 告周上对外把产品线摊开：自有场景里的展示广告、站外的Offsite Ads，再加上让千万级小商户把自己 网站变成零售媒体网络的Ads Manager——一整套商业媒介的动作，真地跑了起来。 eMarketer的一个分析提到，在PayPal的2025年Q2财报里，包含广告在内的Brand Experiences业务，对 营收同比增长的贡献是2个百分点，和 P2P、Venmo 这些老业务贡献相当。 这些新闻出来之后，我回头去翻了翻自己去年的那篇文章，发现有一些话确实得修正了。 我也不能再简单用一句我不看好把它们的广告模式，尝试一笔带过。更准确的说法可能是：这是一 ...

Core Viewpoint - PayPal Holdings has seen significant stock price fluctuations, currently trading near its lowest valuation since going public, reflecting a decline in investor sentiment towards the fintech company [1] Group 1: Company Performance and Strategy - Under CEO Alex Chriss, who took over in 2023, PayPal is focused on improving profit margins and reigniting growth [2][8] - The company is implementing initiatives like PayPal Complete Payments to enhance user engagement and profit margins [9] - PayPal's stock has become more affordable, trading at one of its cheapest valuations since its spin-off from eBay in 2015 [6] Group 2: Market Challenges - PayPal has experienced a slowdown in growth, with competition from major players like Apple Pay, Google Pay, and others impacting its market position [3] - The company's take rate, which is the percentage of transaction value retained as revenue, has been declining due to increased competition [4] - Concerns arose after PayPal's 2024 full-year results, particularly regarding slow growth in unbranded transactions and conservative earnings guidance [5] Group 3: Growth Opportunities - PayPal is leveraging its first-mover advantage in the payment space, with 85% of survey respondents using its services, compared to 54% for its closest competitor, Block's Cash App [11] - The company is expanding its ad business, PayPal Ads, to sell programmatic ads, aiming to enhance its platform and grow ad revenue [10] - A $15 billion stock buyback authorization has been approved to reduce outstanding shares and boost earnings per share, indicating the company's belief in its undervalued stock [12]

Core Insights - PayPal is expanding its PayPal Ads program to the United Kingdom, which allows brands to display personalized ads to consumers based on their previous purchases [1][2] - The launch of PayPal Ads in the U.K. will occur in phases, with ads expected to be visible to customers starting in July [2][3] Company Strategy - PayPal aims to create a marketing and revenue channel that is essential for both large and small merchants, leveraging its consumer knowledge to help brands reach empowered shoppers [2][4] - The program is designed to enhance the shopping experience for PayPal users by providing insights based on shopping intent and transaction data, enabling brands to create targeted messaging and campaigns [3][4] Industry Trends - The expansion of PayPal Ads aligns with the growing demand for hyper-personalized customer experiences, which are crucial for digital engagement and customer loyalty [4][5] - Retailers are increasingly focusing on tailored interactions to improve customer satisfaction and retention, driven by concerns over fraud and the need for competitiveness [4][5]