Big Tech and Consumer Payments: The Good, the Bad, and the Unintended Consequences

Publication Title

Loyola Consumer Law Review

Document Type

Article

Publication Date

12-19-2025

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. The article then discusses the relationship between Big Tech and consumer payments law. Looking to the future, the article concludes with recommendations for how the law should be improved.

Comments

SSRN

Westlaw

Recommended Citation

Mark E. Budnitz, Big Tech and Consumer Payments: The Good, the Bad, and the Unintended Consequences, 37 Loy. Consumer L. Rev. 116 (2025).

DOI

10.2139/ssrn.5938934

Volume

37

First Page

116

Last Page

151

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