CFPB launches inquiry into Big Tech payments platforms

The Consumer Financial Protection Bureau issued a series of orders to collect information on the business practices of large U.S. tech companies that operate payments systems.

Companies: The bureau said it sent initial orders to Amazon, Apple, Facebook, Google, PayPal, and Square and will also study the payments practices of Chinese tech giants, including Alipay and WeChat Pay.

Impact: The CFPB said the information will help it better understand how these firms use personal payments data and manage data access to users so the bureau can ensure adequate consumer protection.

Background: The CFPB said that while families and businesses benefit from payment innovations, new products and business models present risks to consumers and the marketplace.