One of the main concerns of regulators is data privacy.
The digital payments sector is booming, and digital wallets They have become an integral part of our daily lives. However, the domain of Meta and Apple in this market is generating concern among regulators, who fear that these companies are using their position of power to stifle competition and limit consumer options.
One of the main concerns of regulators is data privacy. Meta and Apple have access to large amounts of user data through their services of digital wallet, which could be used for targeted advertising purposes or even for fraudulent purposes. Regulators want to ensure that this data is handled responsibly and that users have control over its use.
Another concern is interoperability. Currently, Meta and Apple digital wallets are closed ecosystems, meaning they only work within their respective platforms. This makes it difficult for users to use your products on different devices or applications. Regulators are studying the possibility of imposing interoperability, allowing users to use any digital wallet on different platforms without problems.
Finally, regulators are also concerned about the possibility thate Meta and Apple use their digital wallets to favor their own products or services over competitors. With their dominant market positions, these companies could use their power to close the door to the entry of new companies. Regulators are studying ways to prevent such practices and promote fair competition.
The solution proposed by big tech
Under pressure from regulators, Meta and Apple have begun taking steps to address these concerns. For example, Meta has announced that it will allow users to export their digital wallet data to other services. Apple, for its part, has launched a new version of its digital wallet that allows users to store third-party credit cards.
However, there is still much to be done to create a more competitive and transparent digital wallet market. Regulators will need to continue working with Meta, Apple and other digital wallet providers to ensure that these services benefit from innovation and competition, and that consumers have the best possible options.
For this reason, companies that carry out more than 5 million transactions per year They would be regulated like banks, credit unions and other financial institutions that are already under the supervision of regulators.
Source: Ambito
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