Google shares ended in the red in the US Friday, amid reports the tech giant has a deal with Mastercard to access its credit card user data. According to Bloomberg who published the report, the agreement has been in place since 2017. Both parties say no personal data is involved and only aggregated figures are shared.
Google share ended the US Friday trading session 1.80% lower at $1,231.80. However, the stock is a little higher in out-of-hours activity.
Google’s use of Mastercard data
Google’s use of the MasterCard credit card user data is said to be related to its online ad service. Sundar Pichai’s tech behemoth reportedly uses the user data, to help show the relationship between online advertising and offline store purchases.
“Before we launched this beta product last year, we built a new, double-blind encryption technology that prevents both Google and our partners from viewing our respective users’ personally identifiable information,” Google said in a statement to Bloomberg.
“We do not have access to any personal information from our partners’ credit and debit cards, nor do we share any personal information with our partners,” Google added.
Meanwhile, Mastercard also said that it never shares individual, personal transaction data with any of its partners.
Google’s new ad restrictions
Separately, as Google is working on using credit card data to promote its own Google ads service, the tech giant said that due to an increase in “misleading ad experiences”, it is limiting ads in the third-party tech support services.
“When we see an increase in misleading or predatory behaviors in specific categories, we take additional action,” said David Graff, Director of Google’s Global Product Policy.
“In the coming months, we will roll out a verification program to ensure that only legitimate providers of third-party tech support can use our platform to reach consumers,” Graff said in a blog post.