FinTech and data protection: PayPal collects the sexual preferences of customers
PayPal's entry into the advertising business has raised serious concerns regarding user data privacy within the European digital landscape. A legal assessment reveals that the financial service provider collects and shares extensive personal information, including potentially sensitive details like sexual orientation, which may violate data protection regulations. This practice comes at a time when digital platforms face increasing scrutiny under the GDPR. The company's data collection goes far beyond transaction details. PayPal gathers information on purchases, vendors, delivery locations, location data, app lists, device and browser information, and visited websites. The collected data can also include religious beliefs, political views, disabilities, and sexual orientation. This data is retained for as long as an account exists and for an additional ten years. These practices affect the millions of users who rely on PayPal for financial transactions. The use of this data for targeted advertising raises significant privacy risks, especially considering the potential for misuse of sensitive personal information. This also impacts the trust that users place in digital payment platforms and could lead to calls for stricter enforcement of data protection laws. The findings highlight the challenges in balancing the growth of fintech and digital advertising with the need to protect user privacy in Europe. With the increasing reliance on digital payment solutions, data protection remains a critical issue that demands careful attention.
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