Consumer watchdog to probe Big Tech payment systems
Associated PressNEW YORK — In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function. Apple Pay, Google Pay and other payment systems created by big tech companies now dominate large portions of e-commerce and person-to-person payments. In the past decade, technology companies have rolled out full-featured payment systems and networks like Apple Pay, AliPay and Google Pay, which are often embedded into smart devices. “Since the Bureau was founded, a growing share of banking activity has occurred outside of the purview of leading regulators, putting consumers and the resiliency of the financial system at risk,” said Richard Hunt, CEO of the Consumer Bankers Association, the trade group for the nation’s big consumer banks.
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