Facebook Users Want To Be Paid $8.44 A Month For Selling Users’ Bank Balance, Finds A Study

A study that was conducted to ascertain the value that people in various countries attach to their personal information has shown that Facebook users of Germany would want the social media company to pay them about $8 per month against them allow the company to sharing their contact information. On the other hand, users of the social media platform in the United States want only about $3.50 for allowing the same information to be shared by the company.

This is the first study that was attempted to evaluate the actual value of online privacy and data and was conducted by the US-based thinktank the Technology Policy Institute (TPI). The study made an assessment of what value people in six countries attached to the privacy of their data by examining the habits of the residents and social media users in the countries of the United States, Germany, Mexico, Brazil, Columbia and Argentina.

The study showed that the highest value to privacy of data was attached to be the Germans against allowing technology platforms and companies to share their personal data with third parties. The US consumers attached the second highest value.

The study also concluded that across the board, people believed that the most valuable private information were those that are related to their finances such as bank balance and biometric information such as fingerprint data in particular. The majority of people attached the least value to their location data.

The study also found that on an average and across all the countries examined in the study, it was expected that a technology company would have to pay consumers $8.44 a month to get their permission to share their bank balance information, $7.56 against sharing of fingerprint data, $6.05 to for being able to read texts of an individual and $5.80 against allowing the company to share their data about cash withdrawals.

In comparison, the majority of the people demanded a payment of just $1.82 per month for allowing tech companies to share their location data and nothing for such companies to send customers and users advertisements through text messages.

This study apparently tried to investigate the concerns about how various companies – ranging from technology companies to retailers, gather and monitor personal data of users and customers.

“Quantifying the value of privacy is necessary for conducting any analysis of proposed privacy policies,” said Scott Wallsten, president and senior fellow at TPI.

In sharp contrast to people in the US and Germany, the people residing in Latin America were more open to seeing advertisements on their smartphone, the study found.

In the United States, while individual states such as California have already implemented a new privacy law, Federal lawmakers in the country are currently trying to draw up a federal privacy legislation.

(Adapted from TheGuardian.com)

Categories: Creativity, Economy & Finance, Regulations & Legal, Strategy, Sustainability, Uncategorized

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