Payment services run by Apple Inc, Google and Amazon.com Inc may need monitoring as the tech giants’ largely unregulated financial products squeeze out those of banks, France’s competition authority warned.
Big technology platforms “have the capacity to draw significant profits without being subject to regulatory constraints weighing on banks”, the authority said in a report on April 29.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!