alt Hacker NewsI remember reading a comment here a while back about merchants being offered a discount on the processing fee if they also transmitted detailed data about the purchase (essentially the data that would be on the receipt). That data could then be resold on to advertisers. Does anyone remember this or have links to more data? (Not having much luck with search, maybe I'm hallucinating the whole thing.)
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I would love if it was transmitted to the bank for my own use so I can easily remember what I purchased or run budgeting software against it! Obviously wouldn't be excited about it being resold tho.
the main purpose of that data is for fraud detection, anything downstream (i.e. selling it to advertisers) is just the cherry on top. Merchants are always financially incentivized both implicitly and explicitly to do anything that would reduce fraud and increase the rate of successful authorizations.
This would explain why so many damn coffee shops dont deal with cash now - the double as a coffee shop and data reseller
Level 3 data.
Level 2/3 data: https://docs.adyen.com/payment-methods/cards/enhanced-scheme...
It's only available in the US, many countries have lower interchange fees and prohibit sending this data.