The CFPB's new rule shifts its oversight of digital wallet and payment apps like Apple Pay to reflect consumer trends, treating them more like traditional banks.
CFPB Director Rohit Chopra emphasized, 'Digital payments have gone from novelty to necessity and our oversight must reflect this reality,' showcasing the need for regulatory changes.
With digital wallet use surging to 62% among U.S. consumers last year, the CFPB aims to ensure security and fairness in this expanding financial sector.
Following a deal with EU regulators, Apple has opened its digital payments technology to enhance competition, aligning with the CFPB's new wider oversight parameters.
#consumer-financial-protection-bureau #digital-payments #apple-pay #regulation #financial-technology
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