Joel Richard Paul, China, Google discussed on Marketplace
Models are also based on obtaining and selling your data. So all of those companies Google included have an interest in making sure regulations don't adversely affect their bottom lines. Joel Richard Paul teaches law at the university of California Hastings in San Francisco. He says these companies make so much money from user data that until fines get high enough. They're unlikely to have an incentive to. To change that business model, but he says there's another factor at play even when a fine is relatively small. That's really the reputational damage. Paul says this European fine could act as a signal to consumers that what these companies are doing isn't good and Google Facebook and others are more worried about losing users and their data than they are about fines. I mean dealer for marketplace. A quick follow up now to our story last week about mobile payments in the Chinese economy. Some of you had a hard time believing something that are Shanghai. Correspondent Jennifer pack said here's Barton talking about mobile payment has exploded in China way. More than in the US Americans use mobile payment for more than one hundred billion dollars worth of transactions in two thousand sixteen but that same year in China. We're talking about twenty three trillion dollars your objections went like this. Basically, China's GDP that your two thousand sixteen wasn't even twelve trillion dollars. How can mobile payments be nearly twice that not only can they can they it turns out we actually under reported the dollar amount of mobile transactions in China in two thousand sixteen Jennifer has the explanation at marketplace dot ORG coming up tomorrow on the marketplace morning report, by the way, how about a little taste of global economic elitism with your morning coffee. How about that the World Economic Forum in Davos is on? Last friday. The White House announced President Trump is.