What happened? The Consumer Protection Bureau (CFPB) has instructed several major technology companies in the United States to provide information about how personal payment data is used and to manage access to consumer payment information so that the agency can protect adequately to ensure consumers.
This request was originally sent to Apple, Amazon, Facebook, PayPal, Google and Square and complies with Section 1022(c)(4) of the Consumer Protection Act.
In particular, the Bureau believes that the information provides insights into how data is collected and monetized. For example, some large IT companies may share payment lines on product lines or sell their information to intermediaries and other third parties to assist with targeted advertising and behaviour.
The purpose of this guidance is to identify any restrictions on access policies that may affect consumer choice and impede innovation. For example, consumers want to know that everything is being done to protect them from fraud and fraudulent payments, that they have access to accountable customer service, and that the law treats them equally.
None of the companies listed above have been contacted by The Wall Street Journal. Spokesmen for Google, Amazon and Facebook declined to comment, while representatives from Apple, PayPal and Square did not respond to a request for comment.
The bureau has announced that it will also review the payment system. The actions of several Chinese tech giants, including WeChat Pay and Alipay.
No deadline has been given for the tech giants' response to the public.
Image copyright Jonas Leupe and Karolina Grabowska
The Consumer Protection Agency has ordered US tech giants to provide payment system data