According to the Consumer Data Confidence Research by Visa, almost 8 out of 10 of Singapore consumers want more control of data. It also found that two in three Singapore consumers use shopping apps/websites and financial services apps/websites weekly, exposing them to an increased number of requests for their personal data.
Sixty-five percent of consumers are required to provide personal data almost every time they use an online service. However, close to three in four Singaporean consumers (74%) report that companies rarely educate them about data collection policies or data management options, and more than half (52%) believe data policies are written to protect companies’ legal interests rather than their own.
In response to consumer demands for customer-centric data permission models, Visa is collaborating with IMDA to explore industry-led development of consent standards such as consent purpose and consent flow models to strengthen consumer understanding, control, and comfort with data sharing. Through the partnership, Visa and IMDA will also explore future collaboration opportunities with like-minded companies in Singapore to pilot consent solution and/or tools.
“Data is a defining part of our online experiences — whether you are shopping online for groceries or completing mobile banking transactions. Improving the way businesses request for and manage consumer data is critical to providing consumers with frictionless online commerce and payment experiences,” said Adeline Kim, Visa’s country manager for Singapore & Brunei.
Visa said improving how businesses request data may improve consumer trust and also make them more likely to grant permission to use their personal data. More than two in three Singapore consumers (67%) believe that all companies should be required to offer standardized requests for collecting personal data, while roughly three in five (64%) say they are more likely to grant permission to companies if standardized requests are offered.