The US Consumer Financial Protection Bureau (CFPB) has ordered six tech giants to hand over information on their payment system plans so that it can see how they gather and use customer data.
It has therefore sent out orders to Amazon, Apple, Facebook, Google, PayPal and Square – and says it may also target Chinese players such as Alipay and WeChat Pay.
While big tech’s move into payments can benefit people and businesses, the CFPB says it also presents risks to consumers and to a fair, transparent, and competitive marketplace.
The orders therefore demands information on data harvesting and monetization; whether firms employ restrictive access policies; and what the companies are doing to ensure consumers are protected.
“Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” says CFPB director Rohit Chopra. “We have ordered them to produce information about their business plans and practices.”