Visa leverages AI to help retailers access more customer data

From ComputerWorld: Digital payments company Visa has said it’s leveraging AI to share consumer shopping preferences with merchants, which could enhance personalized shopping experiences.

The company plans to utilize its proprietary token service, which currently secures 29% of its transactions by removing sensitive cardholder information from the payment flow. Now, with consumer consent, it’s planning to add personal data back into that flow, enabling merchants to access private data tokens containing AI-generated insights based on a consumer’s past transactions on the Visa network, the company said.

Consumers will have the ability to review and revoke access to their data through their banking apps, ensuring transparency and control over their information, it said.

“As new data regulations create a guide for better consumer data privacy practices, and Gen AI transforms how we discover things online, Visa believes that payment data has a role to play in delivering these new and improved experiences,” Visa said in the statement.

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