1.11.2021 | U.S Consumer Financial Protection Bureau made yet another crackdown on tech giants.
American tech giants are facing yet more scrutiny of their payment practices. The Consumer Financial Protection Bureau has ordered Amazon, Apple, Facebook, Google, PayPal and Square to hand over info concerning their payment system plans.
The bureau wants to learn how these companies harvest data and control access to spot any anti-consumer behavior and provide "adequate" protections to the public. The CFPB will also study Chinese tech firms' payment systems, including Alipay and WeChat Pay.
Director Rohit Chopra justified the order by warning that payments can pose a threat to the fair market thanks to their "tremendous scale and market power." He pointed to China as an example, noting that systems like Alipay and WeChat Pay are so thoroughly integrated with Chinese society that residents are effectively forced to use them as-is.