United States of America: CFPB announces Inquiry into Big Tech Payment Platforms

On 21 October 2022, the Consumer Financial Protection Bureau (CFPB) announced an Inquiry into Big Tech Payment Platforms. The CFPB ordered Google, Apple, Facebook, Amazon, Square, and PayPal to disclose their products, plans and practices as concerns payment services. In particular, the investigation focuses on the networked nature of the payment services and on the possible increase of scale and market power by Big Tech companies, that may ultimately undermine fair competition. Moreover, payment systems are monitored because they are a valuable source of data on consumer behaviour, that could be monetized through behavioural targeting techniques. Therefore, the CFPB will also study the practices of Chinese tech companies such as WeChatPay and Alipay. The CFPB intends to open a public consultation as part of its Inquiry.