The US Consumer Financial Protection Bureau (CFPB) has ordered Amazon, Apple, Facebook, and Google to hand over information on their payment system plans so that it can see how they gather and use customer data.
The Guardian says it has the legal power to order wage market participants to turn to information to help assess potential consumer risks and disseminate integrated information that is of interest to the public.
Orders have been sent to six companies – Amazon, Apple, Facebook, Google, PayPal, and Square – and he said it could work for Chinese players such as Alipay and WeChat Pay.
While slow payment technology can benefit individuals and businesses, CFPB also says there are risks to consumers and fairness, transparency, and market competition.
The instructions require information on data harvesting and monetization; whether integration ensures implementation; and what companies are doing to ensure customer safety.
“Big science companies are constantly urging their governments to control and understand our spending,” said CFPB CEO Rohit Chopra.