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I wonder if this is a way for VISA to datamine transactions? In the US there are plenty of bills paid via direct bank payment (bank id + account number) and I
by m463 2y ago
I wonder if this is a way for VISA to datamine transactions?
In the US there are plenty of bills paid via direct bank payment (bank id + account number) and I don't think visa can see that data.
But with this scheme they would have a more complete picture for every cardholder.
Additionally, there might be a transaction fee (smaller than a credit/debit card?)
- 1oooqooq 2y agohave numbers for that? always assumed the usa had 100% of the population using credit cards AND signing up for give-up-all-privacy points programs. also your water and power payments mean very little too them. they already have your zip code, and all your app and food and store purchases
- m463 2y agoThe vast majority of my monthly payments (by dollar amount) are actually paid via bank transfers. People don't pay their mortgage/rent, their car payments or their utilities using their visa card. In situations where it is possible to pay with a credit card, there is a transaction surcharge that is a multiple of any "points program" or cashback benefit.
- 1oooqooq 2y agothat was exactly my point. those are the transactions the CC operators don't care about. they would be only expense for them, that's why there's always extra high fees. they don't care about recurring payment for data they already have.
- Two4 2y agoThey (Visa) can't see much aside from which merchant, how much and when you've paid. That's still pretty powerful metadata, but in most sane legal jurisdictions with decent PII protection statutes, they can't willy nilly go link that to your shopping receipt and break down your purchase to line items.