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On October 21 (local time), the Micro-Visa Financial Protection Bureau (CFPB) ordered large tech companies operating payment systems in the United States to provide information on their business plans and implementation. First, we will issue orders to Amazon, Apple, Facebook, Google, PayPal, and Square, and conduct investigations on major Chinese payment systems such as Alipay and WeChat Pay in the future.
According to the CFPB, the order will help the CFPB better understand how businesses collect, access and control data, thereby ensuring adequate consumer protection. The CFPB points out that while electronic payments have been taken for granted by consumers during the COVID-19 pandemic, fair and transparent markets pose new risks. For example, Apple and Google are trying to integrate the payment systems into their operating systems, and they have also pointed out monopoly by the App Store. In addition, Alipay and WeChat Pay are super apps for various aspects of consumer life, and they are actively expanding their presence in Sija in the US.
The CFPB order is said to be based on the Federal Trade Commission’s response to leading technology companies’ business practices. Recently, the FTC, which has mainly attracted attention due to the Facebook indictment, is strengthening its efforts on leading technology companies, such as investigating the acquisition of a Google company.
Although the CFPB order does not directly lead to any regulation, it may also mean to check monopoly and fees by the App Store, which are often problematic. Related information can be found here.
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