In a sharp development, a US financial regulator put Google Payment LLC under heightened supervision, arguing that the company is in non-compliance with its regulations. This move shows growing scrutiny of some of the largest technology companies pushing into the financial services space.
Alphabet Inc’s subsidiary Google Pay conducts and now has to comply with further standards in terms of digital payments, in the oversight of the regulator.
google said that the move by the regulator was unjustified and might damage innovation in the payment digital space. It has filed a case claiming to have strictly adhered to all relevant regulations and seeking legal redress to reverse the supervisory measures.
This case is merely one more indicator of the developing tensions between tech giants and regulators who are battling it out to gain tighter control of this rapidly expanding digital finance industry.
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