Why Washington wants to treat Apple and Google like Big Banks::A new federal rule that would mean tougher oversight of Apple Pay and Google Pay sets up another fight between Washington and Big Tech
Huge companies are all basically banks now.
If your institution provides lines of credit to your customers for any reason, you should be treated like a bank, because that’s what banks do.
I agree. Just like how all these ride-sharing apps like Über and whatnot ought be treated like taxi services and AirBNB should be treated like a hotel service. The workers deserve fair compensation and security, and the clients deserve the safety and standards of a regulated business.
Does Google do credit (other than prepaid cards)? I’m pretty sure Amazon does payment plans do they’re more bank-like. Google has GPay so they’re tied in more like with credit card companies, though AFAIK you do still need an actual linked card to make purchases with that.
I just checked an Amazon purchase that had the option for a payment plan, my options were to use my Chase card affiliated with Amazon or Affirm which is a 3rd party that is offering the structured payment. Not sure what it looks like for others, but if it’s similar, then Amazon wouldn’t be doing anything bank-like with those payments.
What would be the consequences for apple and google?
