Payment services such as Apple Pay (AAPL) and Google Pay (GOOGL) are starting to become the favored way for many Americans to make purchases. But how are these companies collecting and using the data they are gathering about customers? That's something Consumer Financial Protection Bureau Director Rohit Chopra wants to find out. In an exclusive interview with Yahoo Finance's Jennifer Schonberger, Chopra raises concerns about how payment service companies are using the data they collect. "Are they using that to potentially not just have targeted ads, but maybe move to a world with personalized pricing?" Chopra goes on to stress that privacy is at the heart of the CFPB's activities saying "we want to make sure that financial privacy is not something that is fake in this country." Click here to watch Chopra's take on the banking crisis. Key video moments 00:38 Chopra on whether stablecoins pose a systemic risk 02:57 The "extremely rapid adoption" of payment services apps 04:27 Other companies concerned about using tap function on Apple devices 05:22 Discusses potential payment services regulation 06:00 Role of big tech & cloud service providers 07:40 Chopra discusses rule on collecting racial, demographic data on small business loan applicants Read More...
Payment services such as Apple Pay (AAPL) and Google Pay (GOOGL) are starting to become the favored way for many Americans to make purchases. But how are these companies collecting and using the data they are gathering about customers? That’s something Consumer Financial Protection Bureau Director Rohit Chopra wants to find out.
In an exclusive interview with Yahoo Finance’s Jennifer Schonberger, Chopra raises concerns about how payment service companies are using the data they collect. “Are they using that to potentially not just have targeted ads, but maybe move to a world with personalized pricing?”
Chopra goes on to stress that privacy is at the heart of the CFPB’s activities saying “we want to make sure that financial privacy is not something that is fake in this country.”
Click here to watch Chopra’s take on the banking crisis.
Key video moments
00:38 Chopra on whether stablecoins pose a systemic risk
02:57 The “extremely rapid adoption” of payment services apps
04:27 Other companies concerned about using tap function on Apple devices
05:22 Discusses potential payment services regulation
06:00 Role of big tech & cloud service providers
07:40 Chopra discusses rule on collecting racial, demographic data on small business loan applicants
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