>
It's to prevent fraud. >

I mean, if you want to use PayPal to easily pay straight from your bank account or debit card… then they need information to give them access to your bank account or debit card…  
How do you expect these things to work if you don’t give them any info? 
r/stupidopinions >

International companies operating under several international and national juristictions.
They need this much information, otherwise the feds of multiple countries are going to shred them to pieces. PayPal has a banking license in Europe in order to operate, if they wouldnt have detailed information and verification they would become an easy target for money laundering schemes, etc. and probably even worse, could be liable for damages.
Risking billions of whatever currency for the convinience of some people would be stupid and put an end to their business.
People who dont understand this are the very reason they need it.
Social security numbers are a joke in terms if verification. Never meant for it and faulty on so many levels. >

How do you think they profit? >

this seems kind of vague. what kind of information do they need? i don't use venmo but i've had paypal since the '90s and i never remembered them needing personal information. email address & a bank card i think that's it.