The top US consumer finance regulator has warned that Big Tech’s entry into the “buy now, pay later” lending business risks undermining competition in the nascent sector and raises questions about the use of customer data.
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”, Chopra said in an interview.
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