Apple Pay to Be Treated Like a Bank With Federal Scrutiny in the U.S.

Quick Summary:

The new rule will grant the CFPB powers to proactively examine ‌Apple Pay‌'s compliance with federal consumer financial laws, including privacy protection, fraud prevention, and account stability.

The CFPB today announced that, effective 30 days after its publication in the Federal Register, digital payment platforms processing over 50 million annual transactions in U.S.dollars will be subject to federal supervision.‌Apple Pay‌ is one of the most widely used digital wallets in the United States and falls squarely within this threshold.

The Consumer Financial Protection Bureau (CFPB) has finalized a new rule that will bring Apple Pay and other major digital wallet services under the same oversight as banks.

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Article Details

Author / Journalist: Hartley Charlton

Category: Technology

Markets: United StatesHong KongMali

Topics: Apple Pay

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-21 @ 05:35:56 (22 hours ago)

News Timezone: GMT +8:00

News Source URL: macrumors.com

Language: English

Article Length: 1094 words

Reading Time: 7 minutes read

Sentences: 55 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © MacRumors

News ID: 23738212

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