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ARTICLE · 10 AUGUST 2022

CFPB Issues Report On The Convergence Of Payments And Commerce And Its Implication For Consumers

Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
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Kelley Drye & Warren LLP

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Assess new models of lending integrated with payments and e-commerce, such as BNPL.

United StatesConsumer Protection
Alysa Hutnik
Alysa Hutnik
Jayson B. Lewis
Jayson B. Lewis

On August 4, 2022, the Consumer Financial Protection Bureau ("CFPB") issued a report entitled, "The Convergence of Payments and Commerce: Implications for Consumers," in which it examines the challenges and risks to consumers inherent in the rapidly evolving payment ecosystem and emergence of product offerings that blur the traditional lines of banking and commerce.

The report

In the report, the CFPB identifies three new product categories that have the potential to increase consumers' choices and streamline their experiences by integrating commerce and financial services:

  • Super apps. Apps that provide access to a variety of products and services within a single app, thereby minimizing or eliminating the friction created by having to work with several different providers. The CFPB notes that in the U.S., the super app concept is following the "bank in the app" approach and identifies the PayPal wallet as an example of a U.S. super app "bank in an app."

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