Bundesbank’s Balz: consumers may be ‘trapped’ in big tech ecosystems
Big tech firms offer consumers convenience, but there are also reasons to worry, Bundesbank official says
Though big tech firms are improving outcomes for consumers in many respects, consumers may become “trapped” in one firm’s “ecosystem”, Burkhard Balz warned in remarks on November 11.
The Deutsche Bundesbank executive board member said big tech firms such as Apple Pay, PayPal and WeChat Pay had large customer bases and a vested interest in ensuring their users had all their needs satisfied without needing to leave the platform.
“Models like these are not a bad thing per se, as they are
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