Credit card providers have typically been (relatively) quiet on the subject of user data. Most likely because they have their own huge stashes based on everyone’s purchase history, and critically easy to resolve for identity by the individual card number/owner.
It would appear however that consumer fatigue with privacy policies is now impacting even the biggest aggregators of data like Visa enough that they feel the need to stand up and propose new models for data use.
“Globally the most important factor influencing consumers’ decision to share their personal data is understanding how their data will be used. With only opt in or out options available and in the absence of sufficient permissions controls for data consent, a Visa survey found consumers are increasingly declining to share their data…”
Visa goes on to speak about how a single “open data” economy (a.k.a easier to share data) would be of mass benefit to everyone, even the consumer. It notes that this opportunity may even create up to $550B of value for Europe alone based on all the downstream business data can enable.
The article also speaks to how Visa is approaching the issues of consumer data such as how “Visa strives to provide simple explanations regarding how data may be used and to empower individuals with easy processes to manage use of their data.” or how users should be “empowered to manage data”
Clearly, the market is shifting in positive directions, one’s we have been campaigning on for a while now. The above are good steps, but stop short of really explaining exactly how this happens or will happen. The industry still lacks consensus on the direction.
We believe in a platform, such as ours, that enables full contextual and per-use visibility and control of user data. Data which doesn’t need to sit in a centralized store such as Visa’s. Or be shared to unlock the value. In fact new developments on our side are proving the demand for this, and we are excited to unveil our latest plans later this year… but until then let’s all work together to push this still emerging agenda further forward.