PayPal’s Jenna Griffith on building a media business from transaction data

Summary

Podcast Summary: The Current Podcast – PayPal’s Jenna Griffith on Building a Media Business from Transaction Data

Episode Details:

• Title: PayPal’s Jenna Griffith on building a media business from transaction data
• Host/Authors: Damian Fowler & Ilise Lifring
• Release Date: May 14, 2025

---

Introduction

In this episode of The Current Podcast, hosts Damian Fowler and Ilise Lifring engage in an insightful conversation with Jenna Griffith, Vice President of Global Ad Operations at PayPal. The discussion centers around PayPal's strategic expansion into the advertising sector by leveraging its vast transaction data to build a robust media offering. The episode delves into how PayPal differentiates itself from traditional retail media networks, the role of transaction data in modern advertising, and the future landscape of programmatic ads.

---

PayPal’s Advertising Expansion

Jenna Griffith outlines PayPal's recent move to broaden its advertising capabilities beyond its proprietary platforms. By introducing programmatic ads that can be deployed across the open web, PayPal aims to offer brands a more versatile advertising solution.

Jenna Griffith [01:13]: "Given the large amount of transactions that go through PayPal every day… we really wanted to make sure that advertisers were able to utilize that graph not just in our owned and operated PayPal properties, but also in a curated set of media properties that they would like to run in that's most relevant for their consumers."

This strategic pivot positions PayPal as a significant player in the advertising world, utilizing its extensive transaction data to provide unique insights and targeting capabilities to marketers.

---

Leveraging Transaction Data: The Transaction Graph

At the heart of PayPal's advertising strategy is the concept of the "transaction graph." This vast dataset encompasses transactions from approximately 30 million merchants and 400 million shoppers, providing deep insights into consumer purchasing behaviors.

Jenna Griffith [01:13]: "Transaction graph brings both insight into what people are buying and what they might be interested in buying next."

The transaction graph enables advertisers to move beyond single-merchant data, allowing for cross-merchant insights that can drive category growth and brand share. This comprehensive view helps brands tailor their marketing strategies to better meet consumer needs and preferences.

---

Programmatic Advertising vs. Traditional Retail Media Networks

PayPal distinguishes itself from traditional retail media networks by not being tethered to a specific retailer. This flexibility allows non-endemic brands—such as those in automotive, entertainment, or insurance sectors—to benefit from PayPal's commerce insights.

Jenna Griffith [04:10]: "The uniqueness of what you can do with this cross merchant data I think goes all the way through to the Creative for sure."

Unlike retail media networks that are often limited to in-app or point-of-purchase advertising, PayPal's approach integrates seamlessly with broader advertising ecosystems, enhancing the relevance and personalization of ad creatives.

---

The Future of Ad Targeting Post-Cookies

With the decline of third-party cookies, PayPal's transaction data emerges as a potent new targeting currency. Jenna posits that transactional data offers a more deterministic approach to customer profiling compared to behavior-based models.

Jenna Griffith [06:12]: "This idea of transaction as the new cookie is, you know, very interesting."

Transaction data not only includes SKU information but also encompasses consumer identity, allowing for more precise and reliable targeting in an evolving digital advertising landscape.

---

Initial Feedback and Strategic Partnerships

PayPal has partnered with Publicis, one of the leading advertising agencies, to pilot its new off-site ad offerings. Although feedback is still emerging, initial responses indicate widespread interest across various advertiser verticals.

Jenna Griffith [07:17]: "The advertisers that are showing interest and excitement about how they can leverage this transaction graph insights for their own specific needs… really can tailor it to your unique needs as a brand."

This partnership underscores PayPal's commitment to creating versatile and scalable advertising solutions that cater to diverse marketing objectives.

---

Market Consolidation and AI Integration

Jenna anticipates a consolidation phase within the retail media network space, driven by the proliferation of specialized networks and the integration of artificial intelligence (AI). PayPal aims to position itself as a key consolidator by offering comprehensive data and scalable advertising solutions.

Jenna Griffith [12:52]: "I would like to say that that consolidation also, because it does benefit the buyer… we're in the sub-three-year, two-year, even space."

Moreover, PayPal is embedding AI into its ad operations from the ground up, enhancing processes like creative approvals and invoice reconciliation. This AI-first mentality enables more efficient and personalized advertising experiences.

Jenna Griffith [14:03]: "We're really trying to take that AI first mentality and… leverage tech that has not been so available in the past and, you know, take advantage."

---

Innovation in Ad Operations

PayPal is pioneering innovative approaches in ad operations by integrating AI and focusing on creating seamless, frictionless customer experiences. This forward-thinking strategy is geared towards not just automating processes but also enhancing the quality and relevance of ad content.

Jenna Griffith [15:39]: "Ad operations has such. It's just so well poised, particularly if you build it from the ground up with AI front and center in your mind rather than trying to retrofit processes."

This approach ensures that PayPal remains at the forefront of advertising technology, continuously improving its offerings to meet the dynamic needs of advertisers and consumers alike.

---

Future Directions and Final Thoughts

Looking ahead, Jenna expresses excitement about potential brand partnerships, particularly with luxury travel brands, to further diversify PayPal's advertising portfolio. She also highlights emerging trends like micro-communities, which focus on creating tight-knit consumer groups for enhanced engagement and brand building.

Jenna Griffith [18:01]: "I would probably choose some luxury travel brand like Auberge or One and Only…"

In discussing industry trends, Jenna emphasizes the importance of evolving beyond outdated tech buzzwords, advocating for continuous innovation in the advertising space.

Jenna Griffith [19:01]: "I would like us to almost leapfrog over what dynamic, what the 1.0 version of dynamic creative was… let's come up with a new one."

---

Key Takeaways

1. Leveraging Transaction Data: PayPal's expansive transaction graph offers unparalleled insights into consumer behavior, enabling more effective and personalized advertising strategies.

2. Beyond Retail Media Networks: As a non-retailer, PayPal provides unique advantages to non-endemic brands, broadening the scope and impact of programmatic advertising.

3. Post-Cookie Advertising: Transaction data is emerging as a robust alternative to third-party cookies, offering deterministic customer profiling and enhanced targeting capabilities.

4. AI Integration and Market Consolidation: AI-driven innovations and strategic consolidations are set to reshape the advertising landscape, with PayPal positioning itself as a key player in this transformation.

5. Future Partnerships and Trends: PayPal is exploring partnerships with luxury brands and embracing trends like micro-communities to stay ahead in the competitive advertising ecosystem.

---

Notable Quotes

• Jenna Griffith [01:13]: "Transaction graph brings both insight into what people are buying and what they might be interested in buying next."

• Jenna Griffith [04:10]: "The uniqueness of what you can do with this cross merchant data I think goes all the way through to the Creative for sure."

• Jenna Griffith [06:12]: "This idea of transaction as the new cookie is, you know, very interesting."

• Jenna Griffith [12:52]: "We're in the sub-three-year, two-year, even space."

• Jenna Griffith [14:03]: "We're really trying to take that AI first mentality and… leverage tech that has not been so available in the past and, you know, take advantage."

---

Conclusion

In this episode, Jenna Griffith provides a comprehensive overview of how PayPal is revolutionizing the advertising landscape by leveraging its vast transaction data. The discussion highlights the strategic advantages of PayPal's approach, the evolving nature of ad targeting in a post-cookie era, and the critical role of AI in driving innovation. As PayPal continues to expand its advertising offerings, it stands poised to influence the future of programmatic advertising and media business development.

Transcript

[Damian Fowler]

I'm Damian Fowler.

[Ilise Lifring]

And I'm Ilise Lifring.

[Damian Fowler]

And welcome to this edition of the current podcast.

[Ilise Lifring]

This week we're excited to sit down with Jenna Griffith, Vice president of Global ad operations at PayPal.

[Damian Fowler]

Now, as PayPal steps into the ad world, Jenna is playing a key role in shaping how one of the world's largest fintech companies builds out a media offering rooted in its rich transaction data.

[Ilise Lifring]

One of the biggest developments, PayPal now offers programmatic ads that extend beyond its own platform, enabling brands to run programmatic ads across the open web.

[Damian Fowler]

Unlike traditional retail media networks, PayPal isn't tied to a specific retailer, which means non endemic brands like auto entertainment or insurance can also benefit from its commerce insights.

[Ilise Lifring]

Let's dive in to hear how PayPal is evolving into a powerful player in the advertising world. So, Jenna, PayPal has recently expanded its advertising business to include programmatic ads beyond its own platforms. What motivated this move and how do you envision it impacting the digital advertising landscape?

[Jenna Griffith]

So I think with PayPal we have recognized there's tremendous opportunity for advertisers and therefore for consumers and the experiences that they can have. Given the large amount of transactions that go through PayPal every day, about a quarter of e commerce transactions come through PayPal. That in itself can, you know, we have started referring to this as the transaction graph. Transaction graph brings both insight into what people are buying and what they might be interested in buying next. And we really wanted to make sure that advertisers were able to utilize that graph not just in our owned and operated PayPal properties, but also in a curated set of media properties that they would like to run in that's most relevant for their consumers.

[Ilise Lifring]

And I understand this data is actually spanning across 30 million merchants and 400 million shoppers, which is a lot, to put it lightly. How might this data help marketers then reach those consumers they're really looking for even outside of PayPal? And then where can marketers actually go to purchase these ads?

[Jenna Griffith]

You know, I think really what marketers are looking to do, and I say this across marketers, whether it is a brand marketer or a performance marketer, I think, you know, those are kind of coming closer and closer together, but they are really looking, looking to create engaging experiences for consumers and to put something relevant in front of them at the right time. This cross merchant data and the insights that it delivers helps move beyond just the incrementality of one single merchant. You know, how are my advertising dollars being deployed and driving incrementality there? And Instead says, you know, how am I driving growth for my brand when I look cross merchant? And really, you know, these, you know, brands ultimately are looking to drive growth in their category and shift share towards them. And being able to have the insights across those 30 million merchants is really unique offering in the industry.

[Damian Fowler]

What's interesting, you know, we talk a lot on this podcast about the growth of retail media networks. PayPal is kind of interesting because it's a non retailer stepping into a media role. What's the sort of differentiator here? What's PayPal bringing to the table? I guess.

[Jenna Griffith]

And thank you for that question because it is true, I don't think PayPal fits squarely in the definition of retail media, which is you are necessarily right in an app at that point, point of purchase. Although I would argue, you know, sending money to your friends and, and you know, engaging in that type of, you know, behavior via app really is its own form of commerce. But we can, we can certainly talk more about that later. But the, you know, the uniqueness of what you can do with this cross merchant data I think goes all the way through to the Creative for sure. I know there's obviously a lot of conversation at the moment of what can AI bring to the table when it comes to dynamic creative. And certainly the more data you can feed into that, the more well structured data you can feed into that, the more relevant and personalized those outcomes will be. But I think from a PayPal perspective that's not, it doesn't end there, right. PayPal is first and foremost a payments company. What that allows is for us to be at the very forefront of, of making that transaction and purchase in the creative and in the customer's experience be much more seamless and frictionless than, you know, what is traditionally available of clicking out of the creative. So I think being able to leverage this transaction graph for personalized creative and also shoppable Creative, I think brings something really unique to the market.

[Damian Fowler]

Now in a world where over the last two years we've been flip flopping about the value of third party cookies and whether or not they're, you know, going to carry on and it seems like that's not the case. Can such transactions become the new targeting currency, do you think?

[Jenna Griffith]

I do think so. And you know, I think this idea of transaction as the new cookie is, you know, very interesting. You think about the information within that transaction and you know, it's not just the, you know, SKU data but there's identity and it really, you know, rather than creating a customer profile around a set of behaviors. You're able to really create a profile around actions that are taken in a much more deterministic way.

[Ilise Lifring]

Stepping back now and looking at really the like takeaways that we want like marketers really to take away from this Publicist Media is among one of the first agencies to test your new off site ads. Can you share insights into that initial feedback and how these types of partnerships are shaping your strategy around Programmatic?

[Jenna Griffith]

I wouldn't say I have a tremendous amount of detailed feedback because we're I think less than one week from the announcement with Publicis, but we certainly are, you know, I think a lot within Publicis. The advertisers that are showing interest and excitement about how they can leverage this transaction graph insights for their own specific needs. It's, it's pretty ubiquitous across the feedback that we've gotten and they're not specific to one particular vertical or one particular type of advertiser which I think for us is some of the most exciting feedback is that because of the wealth of these insights you, you really can tailor it to your unique needs as a brand.

[Damian Fowler]

Yeah, we were, I was going to ask you the next question actually. Which brands stand to gain the most from using this PayPal shopper data? But you're saying it's, it's fairly ubiquitous?

[Jenna Griffith]

I think it's fairly ubiquitous. And you know, I will say this is actually a conversation I have with teams within PayPal actually because if you think, you know, yes, PayPal was first and foremost a payments company and therefore thinks in terms of merchants which you know, is people who have commerce and e commerce, you know, platforms. But for us we equally are seeing excitement from our non endemic brands that we are speaking to and ones that think these insights that come from this transaction graph are very large opportunity for them to continue to build brand even if it is not with a specific e commerce action at the end of it. So I do think it's really exciting and really applicable across the board for advertisers.

[Damian Fowler]

Given that 80% of retail media spend, which is apparently which is roughly $60 billion this year, is still tied to on site channels, what specific data signals or performance metrics can help prove the value of off site commerce media? And then I guess sort of an addendum to that question is how are you using those shopper insights to close the gap between the on site and off site kind of media?

[Jenna Griffith]

Well, you know, I think, I don't think the outcomes that marketers are looking to generate are necessarily different between on site and off site, right. In the end of the day, you are looking to reach consumers, create a connection and drive value for them such that you generate more sales for your brand. To me, that is the same goal and therefore the same metrics that you're looking at whether you are in a PayPal owned and operated environment or you're off site within a customer's experience, you know, wherever, wherever they are or whatever they are doing. So I do think some of the same guideposts of work, what works well remain the same, which is, you know, the recency of data that you are taking into account, you know, that, that generate those insights, how to, to be able to create those relevant experiences. But in the end of the day, you're trying to drive value for that consumer and therefore more sales for that advertiser and merchant. And I think that is true regardless of whether you're on site or off site.

[Ilise Lifring]

Because PayPal is taking on this new kind of space as a retail media network outside of being a traditional retailer. How do you see the role of advertising evolving for similar companies that perhaps aren't traditional media or retail players, but still have that powerful data and can play in that space?

[Jenna Griffith]

Well, I imagine that we're going to go through the same types of phases that we've seen with other capabilities that come to market. Right. There's a proliferation of entrants that come in and you get a very crowded space and then inevitably you have consolidation. And I think we are seeing that at the moment with retail media networks. I think there are many, many vertical networks for good reason that are coming up because they have strong first party data and connections with consumers at the right time. But I do think we are poised for a consolidation and therefore a place for somebody, some player, which I think PayPal happens to be well positioned for, but to help in that consolidation. And you know, we saw it even in the start of programmatic right of why DSPs came into play, of, you know, you, you can't expect advertisers to go to hundreds of different places to execute their advertising buys. They want fewer options, but they don't want that to lessen the scale of capability that that is available to them. So I do think we are, you know, poised to see a nice consolidation that certainly will benefit the advertiser, that buyer.

[Damian Fowler]

That's interesting.

[Ilise Lifring]

Super interesting.

[Damian Fowler]

How long do you think, I mean, not to put a number on it, but when do you think that consolidation is going to start occurring?

[Jenna Griffith]

You know, I won't put a number on it. Either. But I think sooner rather than later if. Because, you know, I think the, you know, and you know, we couldn't get through this podcast without saying AI. But the push with AI, you know, really I do think is expediting a lot of moves like this that have perhaps taken longer in the past, and particularly consolidation moves, because I think pathways that previously seemed long and onerous seem less long and onerous now. So I'm also not going to put a timeframe on it, but I would like to say that that consolidation also, because it does benefit the buyer. In the end of the day, I would like to say we're in the sub, three year, two year, even space.

[Ilise Lifring]

What does real innovation look like in ad operations as at PayPal when you're exploring AI and other like, immersive firm formats or new ways to engage in that, like, real time.

[Jenna Griffith]

Yes. So I get weirdly excited about this question, mostly because I think ad operations has such. It's just so well poised, particularly if you build it from the ground up with AI front and center in your mind rather than trying to retrofit processes. So, you know, and I think at PayPal we are uniquely positioned to do this because we are early in our journey. So, you know, very tactical things like creative approvals and invoice reconciliation. And, you know, these are not necessarily words that spur a lot of passion amongst people, but that's because they've caused a lot of pain, you know. So I think, you know, particularly within my core ad ops groups, we're really trying to take that AI first mentality and, you know, think how can we not just push people and process, but really leverage tech that has not been so available in the past and, you know, take advantage. We actually just had a PayPal developer day and, you know, it was really focused on, of course, not just the PayPal ads business, really across, across the gamut of PayPal, but we're at PayPal are putting a tremendous amount of focus on how can we do this right?

[Damian Fowler]

And first, it sounds like things are moving very quickly, you know, but in terms of like the whole rollout of Programmatic ads and the ad solutions, how has it sort of given you new directions? How has it sort of infused new life into PayPal's marketing playbook to a certain extent? Sorry, I think we jumped around there.

[Jenna Griffith]

I was going to say specific with Programmatic.

[Damian Fowler]

Yes, specific.

[Jenna Griffith]

Well, you know, I think you think about Programmatic really came about as a way for automation to take hold, but it necessitated almost a certain lack of, of or a Lessening of control that you had to have over every single order that you are putting out there. And, and rather, you know, necessitated saying what are the boundaries and how do I want my media to be executed within these guardrails? I think, you know, that just that mindset is a very important almost1.o mindset as we as, as programmatic evolves and is to play now in the AI space, you have to have that same mindset if you are looking to control everything. You without those guardrails, you won't get the advantages of what you are trying to do. But of course, trust is key in there and I think it's only fitting that PayPal really has built its brand, you know, many, many, many years ago on trust and that consumer. So I think, you know, that again, that move towards programmatic was one kind of that a big first step towards automation. And I think what we are seeing now 15 years ish later is another next big shift on, you know, what does it mean in terms of where consumers are and how do we automate that and make sure that ad advertisers are able to be there?

[Ilise Lifring]

So, Jenna, what's a brand partnership that you dream of making happen for PayPal?

[Jenna Griffith]

Interesting question. I think I would probably choose some luxury. If I assume that brand partnership means I get to go and participate in this brand, I would probably choose some luxury travel brand like Auberge or One and only or something like that. So I can do that.

[Ilise Lifring]

I love it. Who in the marketing world is doing work you think everybody should be watching?

[Jenna Griffith]

You know, I'm really interested in some of the words coming out of Joanna o' Connell's mouth at the moment from omg. She's talking a lot about micro communities and what it means to create, you know, well, exactly what it sounds like, micro communities and how you leverage those really for creating engagement and building brand. And I see that as being very, very relevant at the moment.

[Damian Fowler]

Now, what's one tech buzzword you wish we could retire already? I know I have a few.

[Jenna Griffith]

Oh my gosh. Well, can I retire the word without the concept? I mean, you could retire anything you want. Oh, I, you know, I, I actually maybe would even love to get rid of. I'm going to really try not to say, you know what? Actually, maybe I want to get rid of the word or the term DCO of, you know, kind of that dynamic creative side. Not because I want to get rid of the concept, but I would like us to almost leapfrog over what dynamic, what the 1.0 version of dynamic creative was so good one, it's near and dear to my heart. So it's just the term and, you know, let's come up with a new one. Yes.

[Damian Fowler]

Yeah, that's good. And then I guess, finally, do you have a favorite recent purchase you made through PayPal?

[Jenna Griffith]

I do. So many purchases through people.

[Ilise Lifring]

We're not going to look at your searches.

[Jenna Griffith]

But I can say, I mean, you know, very recently I bought a pair of I love the D2C brands. I really do. I love my salt and stone fragrances and my hey, dudes, got me cash back through PayPal for my little guy. So I think it's hard to choose just one.

[Damian Fowler]

Damian, I appreciate that and I'm sure I couldn't answer that question. So, Eiles, that was another interesting podcast in the bag. What was your big impression?

[Ilise Lifring]

You know, I really liked how she was talking about how transactions have really taken place of cookies these days, especially as, you know, third party cookies are fading. They're no longer needed across the media ecosystem.

[Damian Fowler]

The new currency.

[Ilise Lifring]

It's the new currency which is particularly interesting too, as even traditional or even companies outside of traditional retailers can now create their own media businesses off the back of basically like their own fintech, which is, which is super exciting in a lot of ways.

[Damian Fowler]

Well, obviously, a company with the scale and size of PayPal, it makes a lot of sense. What did we say? 30 million merchants, 400 million shoppers. That amount of transaction, that's rich quote, rich transaction data. Right? But what was interesting towards the end of the conversation was the idea that consolidation may be inevitable. And I know that we've been talking about this for a while now, but it was interesting to hear Jenna say that this is going to happen in the next few years.

[Ilise Lifring]

She said two to three.

[Damian Fowler]

Well, okay, let's see.

[Ilise Lifring]

We'll see.

[Damian Fowler]

We'll keep watching. And that's it for this edition of the current podcast.

[Ilise Lifring]

This series is produced by Molten Heart. The current podcast theme is by Love and Caliber. The current team includes Cat Fessy and Sydney Cairns.

[Jenna Griffith]

And remember, I think this idea of transaction as the new cookie is, you know, very interesting.

[Damian Fowler]

I'm Damian.

[Ilise Lifring]

And I'm Ilise and we'll see you next time.