Amazon, Coinbase Seek Exemptions From CFPB Digital Payments Plan

Amazon.com Inc. said its payment service should be exempt from a Consumer Financial Protection Bureau rule aimed at increasing supervision of big tech companies providing digital wallets.

Amazon Pay, which allows third-party merchants to quickly process customer transactions through the company’s platform, should be excluded from the CFPB’s proposal because the service doesn’t store customer funds, the company said in a Jan. 8 letter to the agency. Instead, Amazon Pay warehouses credit and debit card credentials that are used to process payments only at a customer’s request, the Seattle-based online retail and web services giant said.

“In this regard, the ...