Visa is rolling out new technology that will allow the payments giant to share more information about customers’ preferences [non-paywalled source] based on their shopping history with retailers as it seeks to remain a top player in the competitive e-commerce space. From a report:
The data will be shared via the payments giant’s proprietary “tokens,” which provide an added layer of security between a consumer’s bank information and a merchant. Shopping inclinations and other information based on past transactions – such as preferred categories, like movies or golf – will be shared via token with retailers with the consent of consumers.
“It’s almost entirely blind to almost all consumers,” Visa Chief Executive Officer Ryan McInerney said in an interview of the company’s token technology. “They just know their payments work better.” The sharing of shopping data via token is one of a handful of innovations Visa unveiled at a conference in San Francisco, where it’s based. Visa, one of the largest e-commerce technology companies in the world, is finding itself increasingly fending off competitors seeking larger slices of the fees merchants must pay to carry out consumer transactions.
Abstract credit: https://slashdot.org/story/428471
Oh, “It’s almost entirely blind to almost all consumers”? That’s almost fine then!
with the consent of consumers.
Would you like to elaborate on that?
I mean look you could just not use Visa right? We all have tons of other options, and they’re totally not a monopoly right? That’s why we’re not regulating them, right?
The actual article says that the new thing is that it allows consumers to revoke access to information after the fact.
So I switch to Mastercard for now?
Or cash, as if you buy gift cards and they go bust, they owe you money, but you’ll be well down the list and never see it again.
I use cash exclusively at liquor stores and fast food joints and have for years. Sounds like I should expand the list.
