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And this is intentional. Google definitely doesn’t want to be regulated as a bank. It just wants your financial data, so it can send better targeted ads.
by MetalGuru 7y ago
And this is intentional. Google definitely doesn’t want to be regulated as a bank. It just wants your financial data, so it can send better targeted ads.
- thepangolino 7y agoIsn’t access to that financial data extremely well regulated? I’ve often thought of launching a credit card company solely for access to people’s transaction data. That provides tremendous insight into many companies turnovers allowing to anticipate earnings.
- rrix2 7y agoNot regulated well enough, imo, MasterCard is already willing to sell data to these same actors: https://www.theverge.com/2018/8/30/17801880/google-mastercard-data-online-ads-offline-purchase-history-privacy https://www.theverge.com/2018/8/30/17801880/google-mastercar...
- vkou 7y agoHalf of Visa's, and MasterCard's business model is selling payment flow. This isn't some novel development for these processors - they've been doing it for decades. Shockingly enough, people don't care enough to shred all their credit cards! Even people who tend to get outraged on the internet about these sorts of things still have, and use at least one. (And before someone brings up that EU is not heavy on credit cards - the function of European debit cards in this space is not one whit different from that of a credit card.)
- rrix2 7y agoLive too live in a debt based society!
- icebraining 7y agoWell pointed out, Mister Gotcha.