In
- full control of their ecosystems based on large communities of users, e.g. by restricting access to NFC smartphone antennas or preinstalling their payment apps in operating systems (
- access to large data sets from their other service activities, which they can use to promote their own payment services by tailoring their offers to consumers' needs;
- ability to make significant profits as they are not subject to the regulatory constraints that weigh on traditional banking players and bank card groups which realize the payment.
- Risks associated with the holding of data by payment service providers who manage accounts, by ensuring that they give fintechs access to the data they need to offer their own services;
- Competition law risks associated with blockchain either through facilitation of coordination of anti-competitive behaviour or restrictions of access to private blockchains;
- Risks of undermining the activity of the traditional banking players who are increasingly used by fintech and BigTech companies only to perform high fixed cost tasks (e.g. physical networks, payment infrastructures) with the risk that traditional banking businesses be side-lined in the value chain.
According to the
-
Risks that Big Tech firms strengthen their market power by foreclosing consumers in their own ecosystems;
This
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Ms
Bird & Bird
EC4A 1JP
Tel: 207415 6000
Fax: 2282 6011
E-mail: brumarketing@twobirds.com
URL: www.twobirds.com
© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source