In a warning shot to Silicon Valley following Apple’s decision to launch its own BNPL service, Rohit Chopra, director of the Consumer Financial Protection Bureau, said his agency would “have to take a very careful look [at] the implications of Big Tech entering this space”. Among the issues the agency would consider was whether it may actually reduce competition and innovation in the market, and also raises questions about the use of customer data.
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Top US regulator fires warning shot after Apple’s push into lending
Apple said: “We’re glad to offer customers a choice which prioritises their financial health and privacy with Apple Pay Later, and we look forward to working with the CFPB to answer any questions they may have.”
