Visa offers customer data sharing for personalized recommendations

At the Visa Payments Forum event in San Francisco on May 15, Visa presented a new way to share customer purchases with merchants so they can develop better targeted promotions.

Adoption of tokenization mechanisms

The solution uses the payment tokenization system. With tokenization, Visa has removed sensitive cardholder account information from the payment flow. Today, 40% of all e-commerce transactions processed by Visa are tokenized, with widespread adoption by merchants and issuers in almost every market around the world. Visa leverages payment data to create new experiences.

Consumers can opt-in to sharing their data when shopping online via Visa data tokens. They can see where this data has been shared and revoke access directly from their banking app.

Visa Payments Forum Held May 15 in San Francisco
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Personalization of merchant offers

Still thanks to data tokens, Visa and participating banks can allow a merchant to request the consumer’s consent in advance to obtain more personalized offers during their purchases.

If the consumer accepts, Visa issues a private data token to the merchant, with AI-generated insights based on the purchase data. The data token can be used with the merchant’s AI models to provide real-time recommendations to the consumer.

Visa also transmits the data token to the consumer’s bank to track where the data was shared, so the consumer can see where the data was shared in their mobile banking app and revoke access if they wish.

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