Data sharing for simple online payments and other transactions is not necessary and e-commerce giants should come clean with consumers about why they are storing their personal data. That’s according to Alastair Johnson, CEO and Founder of blockchain-based e-commerce payments and ID platform, Nuggets.
“The simple fact is that the mass storing of personal data by a whole range of retail companies and payment providers is not necessary for individuals to continue making e-commerce payments as they choose. While the consumer rights ethos of the General Data Protection Regulation (GDPR) should be commended, it is out of date before it has even come into being. Technology is moving faster than the regulators ever can. A new approach is needed that enables consumers, who really want to own and control all of their personal data, to still make safe and simple online transactions,” he comments.
“The smoke and mirrors that surrounds data sharing for online payments must stop,” he adds. “Consumers need to be able to make simple e-commerce payments and other transactions without sacrificing personal data to anyone.”