Wallet transfers are not encrypted, indeed. If you go to https://steemit.com/@cryptosharon/transfers, for example, you'll be able to read all the memos that I have sent and that people have sent to me.
And yeap, or more SBD or STEEM.
edit: Screenshots from @therealwolf's wallet
Thanks; but you will still be able to see person 1 send 2.383 SBD to person 2? Is that correct?
Indeed! The amounts cannot be encrypted, only the memos. Amount exchanges from account to account are always inevitably public.