Visa Adds New Way To Share Customer Shopping Data With Retailers
Visa Adds New Way To Share Customer Shopping Data With Retailers
The way people pay and get paid has changed more in the past five years than in the last 50. Consumers have evolved, adapting to new payment experienc
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!
The actual article says that the new thing is that it allows consumers to revoke access to information after the fact.
I use cash exclusively at liquor stores and fast food joints and have for years. Sounds like I should expand the list.
God(zilla), I hope this country continues to cling to cash. Big wigs & tourists want it all digital tho. 😓