US consumer watchdog to probe Big Tech payment systems

In many ways, a consumer's smart phone has replaced their wallet. — Business photo created by jannoon028 - www.freepik.com

NEW YORK: In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function.

Apple Pay, Google Pay and other payment systems created by big tech companies now dominate large portions of e-Commerce and person-to-person payments. CFPB Director Rohit Chopra is seeking more transparency, as well as more details about what consumer protections have been put in place.