The tech world includes many players, but is dominated by just a few. “GAFAM” is the acronym used in Europe to refer to tech behemoths Google (under parent company Alphabet), Apple, Facebook, Amazon and Microsoft. In the U.S., they are more commonly known as “The Big Five” or “FAAMG”. Globally, they are “big tech” and they are powerful.
And big tech’s dominance has only grown in recent times. As a global health crisis was crippling many industries, their collective market capitalization increased by over 40% in 2020 . Lockdowns and unfounded fears of contracting the coronavirus through the handling of cash led to a proliferation of cashless payments and online transactions. Big tech could not be happier.
While the world’s attention has been focused on battling a pandemic, big tech companies have been busy investing in new territory: the payment and fintech markets. Google, Apple, Amazon and Facebook have all used different strategies to enter the realm of finance, but consumers and regulators are wary of the increased power each digital payment gives them in the form of personal data.
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And big tech’s dominance has only grown in recent times. As a global health crisis was crippling many industries, their collective market capitalization increased by over 40% in 2020 . Lockdowns and unfounded fears of contracting the coronavirus through the handling of cash led to a proliferation of cashless payments and online transactions. Big tech could not be happier.
While the world’s attention has been focused on battling a pandemic, big tech companies have been busy investing in new territory: the payment and fintech markets. Google, Apple, Amazon and Facebook have all used different strategies to enter the realm of finance, but consumers and regulators are wary of the increased power each digital payment gives them in the form of personal data.
Read more
How Cryptocurrencies and Cashless Economy are weakening people
