this only works if the payload hash stays the same for each anonymous partner does it not? Otherwise, it would just be a chain of nonsense hashes that could claim to contain anything. A user could collude with themselves and spread fake funds over many accounts with data that is apparently okay as the new recipient can't confirm or deny the validity of previous transactions. It doesn't seem like it would be easy to hide data because the spending transaction needs to get change as well which would have to be public to know quantity.
If the payload hash is always the same i guess it makes sense however it would not allow coins to be subdivided would it not be similar to minting a coin? Also when the data becomes non-private it would be easy to expose everyone involved.
The recipient receives the entire history of the coin and can verify that it is valid, as well as verify that the payload does hash to the correct value.
