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 move may serve as a cue for Indian authorities to prepare for enquiries into big tech companies and their presence in India's payments landscape. What are the details sought by the US consumer watchdog? The information sought by CFPB will revolve around how tech companies harvest and monetise payment data, Reuters reported. The CFPB has also asked for: Clarity on use of data to target specific consumer behaviors Policies that restrict merchants or other third parties which consumers can use Consumer protections offered from privacy breaches, fraud and other errors. The consumer body clarified that it does not have powers to oversee tech companies but it can monitor risks for…
