Why just Mastercard. ALL payment services are doing this. Everything from payment gateways, card brands, digital wallets (You really think google and apple aren’t logging every detail of your purchases). Seems a bit silly to just call out Mastercard.
this post was submitted on 13 Oct 2023
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Privacy
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Per the article, it seems Visa has already stopped this practice. I think they’re calling out Mastercard as the other top player in the consumer credit card space (I doubt Amex has quite the market dominance Visa / MC do, especially overseas).
They probably spawned a sub company who will take that over. No way in hell I believe they stopped this practice.
This.
And just because Visa is shutting down Ad Solutions does not mean Visa is out of the data-slinging business, but Gerlt declined to provide details as to what that could look like going forward
The government is selling your financial data, which is a whole other level of fucked up since thats not something you can opt out of, at all.
More importantly, we should stop giving Mastercard our data. Paying for everything with credit cards has been an obviously bad idea since thirty years ago at latest.
Our only real private option is cash, and people are more and more pushing it as "outdated".
Regardless of it being a bad idea, it’s convenience completely overwhelmed any privacy considerations. As far as I can tell, we’re marching towards a cashless future with the last dam being politicians need for untraceable cash themselves. But those old politicians are being replaced by family dynasties who have replaced cash payments with favors for their son’s wife’s firm.
Feudalism with extra steps, as ordained by our Heavenly Father Mr. monopoly man
A wise man once said "cash is king"
Although that brings up a point on how reliant we are on the banks, but a private crypto currency like monero is not yet ready for mass adoption.
Already, I see a lot of stigma around cryptocurrency. I don't know if it'll ever take off thanks to stuff like NFTs ruining it.
I use it to pay for VPN and stuff, works pretty well IMO. There's potential scaling issues if too many people use it, but you can get around those by using XMR to privately purchase a different cryptocurrency with higher throughput. Tornado Cash was pretty cool too before they made using it a felony.
We should stop paying for things with credit cards.
Monero? I personally buy some services with it.
It just seems like a scam to me. We buy things with credit cards to get the points and each transaction costs the merchant money. The merchant raises their prices to cover transaction fees, so now you're not really getting points - you're paying hidden fees that get some rewards points for (but not enough). The real scam is that it's such a monopoly now (oligopoly?) that if you don't pay with a credit card then you're losing out - you're paying inflated prices but not getting the reward points.
Now, some people have to pay with credit cards, but that shouldn't be the norm. If you're perpetually one month (ie, one payment) behind on bills, etc, then credit card makes sense, but that should be an edge case - just need to save for a month and then you're good. (yes, lots of shoulds and wishful thinking there, I know, read the next paragraph).
If you fall more than a month behind on payments, the you're paying some 20% interest, which is likely going to destroy you anyways. So living "a month behind", while maybe the reality for many is likely to get way worse before it gets better.
I will acknowledge that CC companies provide things like insurance and liability protection. I think that if governments and/or banks could provide this, there would be no good reason to use a credit card beyond the odd big purchase. And realistically, some international transactions, as well, since it will take a long time before all our payment systems are integrated to that degree.
Are they alleging that Mastercard sells data with personally identifiable information? Because if not, what’s the big deal? The people that buy this data want to know about trends.
The big deal is having my spending analyzed. I don't want my spending habits be used against me
How is it being used against you?
Ask the woman and her daughter that got charged after anti abortion laws got passed and were dumb enough to use Facebook for communication.
Even assuming that MasterCard is fully intending to keep everything secure (which is impossible to guarantee), you never know how it's going to be used later on.
I mean, ffs, it's already known that multiple US agencies just buy data and use it for their purposes. It's a damn sure bet that every damn country does something similar.
De-anonymizing data is a thing. You get enough data points, and everything is right there.