Abstract
“Each stage of the American banking industry history demonstrates the interlinkage of finance and technology…” Our era is no exception. The financial services industry has taken advantage of Big Tech to transform consumer payments.
This article describes some of these changes and how they have resulted in positive, negative and unintended consequences for consumers. Some Big Tech changes have resulted in changes to payments that have been good for consumers, for they have given consumers more choices and greater conveniences. But often they have also exposed them to new risks and dangers. Some new payment systems have brought with them unintended consequences no one would have predicted. The article analyzes how the law has responded to each of these developments, pointing out the many serious legal gaps leaving consumers with no protection. Looking to the future, the article concludes with recommendations for how the law should be improved.
