Tech giants like Apple, Google, and Amazon (among others) will have to furnish information on how they collect and use consumer payments data to the US Consumer Financial Protection Bureau (CFPB), according to a Reuters report. The consumer watchdog also said that it will be studying payment system practices of Chinese tech giants like Alipay and WeChat Pay. “Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” Rohit Chopra, Director, CFPB, was quoted as saying. He added that there is no clarity on how these companies use their payment platforms. It is why the body seeks to protect consumers from privacy breaches, fraud, and antitrust violations. The announcement is a confirmation of the growing influence of big tech companies and the major role they play in the lives of consumers. The…
