I think it is a interesting question. Before using a payment gateway, what is the cost of using cash? It would be covered by tax. If the whole society is abandoning cash, it is effectively meant raising sales tax by X%, where X is transaction cost of each payment.
A cashless country should just use the tax money on cash printing factories to cover the cost of transaction.
Facebook data is not necessary real, or updated. Me as an example, I have a facebook account which have a fake birthday and never updated my profile data after high school. I still add new friends and communicate on facebook, but I don't interest to add new demographic information in my profile.
What it means is insurance company or credit company does not explicit state how do they use my data to evaluate my price on certain insurance or credit to mortgage. If I applied for mortgage. By some random parameters in the model, I may be deemed not credible to have a mortgage. And I don't even have real profile data except my name, photos, and posts.
On the other side, if some insider knows what parameter contribute success mortgage, they can game the model by adding fake information to the facebook profile, or even sell this information for profit.
Facebook by no mean represent real identity, although it usually does. I don't think it is fair to use facebook information without consent from customer.
I am interested that if facebook states that using facebook will affect your credit history, how many people will still willing to use it?
A cashless country should just use the tax money on cash printing factories to cover the cost of transaction.