“77 per cent of consumers we surveyed want to take more direct control, or have the option to have more control, over their data.” 2
Globally the most important factor influencing consumers’ decision to share their personal data is understanding how their data will be used.3 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.4
So as the open data economy evolves it has emphasised the need to for businesses to find ways to meet consumer needs while balancing their own commercial objectives. For instance:
- Offering simple, clear, and consistent information.
- Creating transparency around what data is being collected and who it is shared with.
- Providing the ability to control data use through distinct choices for different use cases.
- Expressing time limits on data use and the ability to revoke permissions at any time.
- Providing easy-to-access tools for updating permissions choices.
The open data opportunity
It’s estimated the open data economy has the potential to unlock €550 billion in economic value5 in Europe by 2025, across a diverse range of sectors from transport, healthcare, education, to financial services.
An area of growing interest to governments in Europe is financial services, where the open data movement is playing out most prominently in the form of open banking.
Through open banking, the democratisation of data could make financial services more competitive, improve financial inclusion by providing consumers greater choice in how they manage and access their finances, as well as by reducing barriers to entry for new players.
How we are approaching data at Visa
Trust underpins everything we do at Visa — our network, brand, partnerships, and approach to innovation. We continue to prioritise responsible innovations that benefit individuals, businesses, society and economies.
We use data in many ways, including to enable digital commerce across our network, keep VisaNet safe and secure from cyber threats, and protect consumers from fraud. We also create data-driven insights, products, and services, which enable us to better serve our clients and partners, and drive positive impact for communities and economies around the globe. This commitment to ethical data usage, strong governance, and stewardship of privacy guides us as we pursue our responsibility to champion new data-driven opportunities and innovations.
We believe:
- Consumers should be empowered to manage data in ways that make the most sense to them.
- Consumers should benefit from data-driven innovations.
- It is our job to be an accountable steward of consumers’ data, protecting it and respecting their privacy.
These beliefs come to life in the values driving our approach to data use:
- Security: Individuals and businesses should have confidence that Visa payment data is safe. There is no higher priority for Visa than safeguarding those who use our products, services and network.
- Control: 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.
- Value: Data use at Visa should benefit individuals, businesses and economies. We strive to do this by delivering greater security, financial inclusion, and consumer convenience.
- Fairness: Visa’s application of data and data-driven insights aims to be fair and inclusive, and avoid discrimination. Visa will strive to make our models explainable, accurate, and safe.
- Accountability: Visa’s approach to data use should be consistently applied at all levels of the organisation and be embedded through process, training, and management responsibilities.
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All brand names, logos and/or trademarks are the property of their respective owners, are used for identification purposes only, and do not necessarily imply product endorsement or affiliation with Visa.
As-is: Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
1 The Impact of Digital Technologies | United Nations
2 Visa Consumer Empowerment Study (2021-2022). 2021: Singapore (N=1,200), Brazil (N=1,200), Colombia ( N=1,200), India (N=2,000) 2022: New Zealand (N=2,000), France (N=2,000), Japan (N=2,000), Hong Kong (N=2,000), United Kingdom (N=2,000), Australia (N=1,500), Canada (N=1,500), Saudi Arabia (N=800), Nigeria (N=800), South Africa (N=800), United Arab Emirates (N=800) , United States (N=1,500), Germany (N=2,000), United Arab Emirates (N=800), Indonesia (N=800), Vietnam (N=800)
3 Visa Consumer Empowerment Study (2021-2022). 2021: Singapore (N=1,200), Brazil (N=1,200), Colombia ( N=1,200), India (N=2,000) 2022: New Zealand (N=2,000), France (N=2,000), Japan (N=2,000), Hong Kong (N=2,000), United Kingdom (N=2,000), Australia (N=1,500), Canada (N=1,500), Saudi Arabia (N=800), Nigeria (N=800), South Africa (N=800), United Arab Emirates (N=800) , United States (N=1,500), Germany (N=2,000), United Arab Emirates (N=800), Indonesia (N=800), Vietnam (N=800)
4 Visa Consumer Empowerment Study (2021-2022). 2021: Singapore (N=1,200), Brazil (N=1,200), Colombia ( N=1,200), India (N=2,000) 2022: New Zealand (N=2,000), France (N=2,000), Japan (N=2,000), Hong Kong (N=2,000), United Kingdom (N=2,000), Australia (N=1,500), Canada (N=1,500), Saudi Arabia (N=800), Nigeria (N=800), South Africa (N=800), United Arab Emirates (N=800) , United States (N=1,500), Germany (N=2,000), United Arab Emirates (N=800), Indonesia (N=800), Vietnam (N=800)
5 Building a data economy — Brochure | Shaping Europe’s digital future (europa.eu)
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