Visa Releases Guidelines For Data Collection
- By DSAITrends editors
- January 10, 2023
Consumers want greater control of their data, with as many as eight out of 10 (77%) in a recent study indicating that they want the option to control their data rather than leaving it up to companies and the government.
Specifically, the Consumer Data Confidence Research by Visa found that two-thirds of Singaporean consumers use shopping and financial services apps and websites every week, which means they are regularly being asked to provide their personal data. 65% of consumers reported that they are required to give up their personal data nearly every time they use an online service.
However, most Singaporean consumers feel that companies do not do a good job of educating them about their data collection policies or management options. 74% of Singaporeans reported that companies rarely educate them about data collection policies or data management options, and more than half (52%) believe that data policies are written to protect companies' legal interests, rather than their own.
More control with data sharing
To help address this, Visa is partnering with the Infocomm Media Development Authority of Singapore (IMDA) to develop industry-led consent standards, such as consent purpose and consent flow models, to give consumers a better understanding, control, and comfort with data sharing.
Visa and IMDA will also explore future collaboration opportunities with like-minded companies in Singapore to pilot consent solutions or tools.
In addition, Visa has also released its Consent Management Specification, a set of technical guidelines on how global organisations can establish better processes and improve the user experience for collecting data usage permissions.
According to Visa, the Specification represents a collaborative view of how a consent management system can be designed to provide the right level of control to individuals while being flexible enough to accommodate a variety of use cases. It expects the Specification to evolve as more is learned through feedback and as new use cases are developed.
“Visa is pleased to partner with IMDA to improve data consent standards, placing control of personal data back into the hands of the consumer,” said Adeline Kim, the country manager for Visa in Singapore and Brunei.
“This collaboration, along with efforts such as the Visa Consent Management Specification guidelines, will help businesses in Singapore establish standardized processes and encourage more consumers to participate in the data sharing economy.”
“Establishing standardized permission flows can engender consumer trust. We are heartened by Visa’s ambition to create a seamless and transparent end-to-end experience. We strongly encourage companies to adopt these consumer-centric consent models,” said Yeong Zee Kin, an assistant chief executive at the IMDA and deputy commissioner of the Personal Data Protection Commission.
Image credit: iStockphoto/eric1513