# Lessons from the payments industry for the sharing and movement of data – Thailand PR News

- Link: https://www.thailand-business-news.com/thailand-prnews/lessons-from-the-payments-industry-for-the-sharing-and-movement-of-data-thailand-pr-news
- Published: 2022-11-09T18:54:30+07:00
- Author: Thailand PR News

Data provides a powerful reflection of a person’s unique habits, behaviours, interests
and lifestyles. Every time a person makes an online purchase, browses through social
media platforms, or searches for information and directions online, a unique data
footprint is created.

Businesses and governments around the world are already applying ‘big data’ to improve
digital experiences and information for consumers. Consumers get personalised advertisements
and notifications on our smartphones based on their digital activities. At the peak
of the Covid-19 pandemic, many governments used smartphone-based location services
to alert citizens who had been in close contact with Covid-positive individuals.

In theory, greater value is created when data sets from different platforms are 
combined to form a holistic picture of a person’s unique needs and expectations.
Yet in reality, data sets tend to be fragmented as they come from different sources.
Many organisations face the challenge of where to get data, what kind of data to
get and how to make sense of it, as well as how to comply with privacy laws governing
data collection, use and transfer of such data. There is still a lot to be done 
before data sharing and movement can thrive.

There are key lessons to be drawn from Visa’s six decade-long experience in moving
money as the industry builds a strong foundation for effective data movement. In
2021, Visa processed 165 billion transactions worth $10.4 trillion on its network.
This was possible through its continuous investment in infrastructure, security 
and its strong partnerships with ecosystem players including banks, fintechs and
merchants.

## Visa believes data sharing and movement must be secure, reliable and efficient – as it is for payments.

To achieve this, there are three key considerations:

First, interoperable standards would greatly facilitate data sharing between companies
and data movement and across borders. A common language is needed to bring consistency
to the way different parties share their data so it will be easier for them to participate
in the data economy. Visa’s global, interoperable standards for payments have enabled
consumers and merchants to make and receive payments using multiple currencies, 
channels, or form factors. Interoperable standards has always been an important 
foundation for the industry as a whole to deliver commerce innovations at scale.

Second is safety and security. Data is an asset that must be stored, protected and
moved in the same secure way as money. Visa invests heavily in ensuring and enhancing
the security of every payment. Leveraging AI and data-driven solutions, Visa prevented
approximately US$26 billion of losses from fraud annually[[1]](https://www.thailand-business-news.com/thailand-prnews/lessons-from-the-payments-industry-for-the-sharing-and-movement-of-data-thailand-pr-news#link1).
Its experience in payments security shows consumers will be far more likely to share
their data if they trust the process to be safe and secure.

Third, it is important to place the consumer journey at the heart of data sharing.
Consumers are only willing for companies to share their data if they see tangible
benefits and have enhanced experiences, especially as they become more attentive
to how their data is used. The SG FinDex in Singapore is a good example of how data
sharing benefits consumers. A one-stop platform was developed for individuals to
access their financial information held by different government agencies and financial
institutions, giving them a better understanding of their overall financial health
and holistic financial planning.

A robust consent management approach is also important to the data sharing journey
for consumers. Based on Visa’s research, clarity and control is key to building 
consumer trust in the data sharing process. Consumers want to know what kind of 
data is being shared and with whom. Importantly, they want to be able to choose 
whether to ‘opt-in’ every time their personal data is used beyond the original purposes
that they signed up for.

While there is still a long way to go in facilitating greater data sharing and movement
in Asia Pacific, Visa’s experience with moving money shows a strong foundation needs
to be built to accelerate the growth of the data economy. Today, Visa is starting
to play a substantial role in shaping the future of the data sharing ecosystem. 
Through programs such as the Asia Pacific Visa Accelerator Program[[2]](https://www.thailand-business-news.com/thailand-prnews/lessons-from-the-payments-industry-for-the-sharing-and-movement-of-data-thailand-pr-news#link2),
Fintech Partner Connect[[3]](https://www.thailand-business-news.com/thailand-prnews/lessons-from-the-payments-industry-for-the-sharing-and-movement-of-data-thailand-pr-news#link3)
and its ongoing venture investments, Visa actively invites ecosystem players to 
collaborate to drive the growth of data sharing and movement across the region and
beyond.

[Visa Fiscal Year 2021 Annual Report](https://href.li/?https://s29.q4cdn.com/385744025/files/doc_downloads/Visa-Inc_-Fiscal-2021-Annual-Report.pdf)

[https://www.visa.com.sg/visa-everywhere/innovation/apaccelerator.html ](https://href.li/?https://www.visa.com.sg/visa-everywhere/innovation/apaccelerator.html)

[https://partner.visa.com/site/programs/fintech-partner-connect.html](https://href.li/?https://partner.visa.com/site/programs/fintech-partner-connect.html)

[Read More ](https://thailandbusinessnews.net/companies/x3ch2x3elessons-from-the-payments-industry-for-the-sharing-and-movement-of-datax3c-h2x3ex3cpx3edata-provides-a-powerful-reflection-of-a-personx26rsquos-unique-habits-behaviours/)