Silicon Valley tech giants and others who together process more than 13 billion financial transactions annually through digital wallets and payment apps will be subject to government supervision, the U.S. Consumer Financial Protection Bureau said.

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US watchdog issues final rule to supervise Big Tech payments, digital wallets


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Silicon Valley tech giants and others who together process more than 13 billion financial transactions annually through digital wallets and payment apps will be subject to government supervision, the U.S. Consumer Financial Protection Bureau said.The new rule finalized on Thursday will bring a burgeoning

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Government of Singapore

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US watchdog issues final rule to supervise Big Tech payments, digital wallets

Large companies that offer digital wallets and payment apps will now be overseen by the Consumer Financial Protection Bureau (CFPB).  The CFPB finalized a rule Thursday to bring companies handling more than 50 million transactions a year under its supervision. This will include Apple, Google, Amazon, PayPal, Block, Venmo and Zelle, according to CNBC.  "Digital payments have gone from novelty to necessity and our oversight must reflect this reali…

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Consumer watchdog to oversee digital wallets, payment apps

Just days after issues of unauthorized deductions from the accounts of its users, popular e-wallet platform GCash again experienced another incident. On Friday afternoon, the Ayala-backed company announced its bank transfer feature via BancNet was having issues, although the cause was unclear. BancNet is the Philippine interbank network connecting the automated teller machine networks of […]...Keep on reading: GCash e-wallet platform gets balanc…

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GCash e-wallet platform gets balances issue again

Some digital services look like banks, act like banks, but aren’t banks — meaning they can, for instance, close down your account without notice. Or be difficult to contact when you want to dispute fraud. This is about to change: the U.S. Consumer Financial Protection Bureau (CFPB) has just ruled that all digital services that […] © 2024 TechCrunch. All rights reserved. For personal use only.

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Verizon Communications

Apple Pay, Cash App, PayPal and other apps to be treated more like banks

The Consumer Financial Protection Bureau (CFPB) has finalized a new rule introducing federal oversight for major digital payment apps like Venmo, Cash App, and PayPal. The rule, announced Thursday, is designed to protect personal data, reduce fraud, and prevent illegal practices like “debanking,” where accounts are closed or frozen without notice.The regulation applies to nonbank companies that process more than 50 million transactions annually,…

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Digital payment apps face new federal oversight under new Consumer Financial Protection Bureau rule

US Watchdog Issues Final Rule to Supervise Big Tech Payments, Digital Wallets

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Christopher Ruddy

US Watchdog Issues Rule to Oversee Digital Wallets

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The US Consumer Financial Protection Bureau (CFPB) is no longer regulating just banks, now supervising Apple and other companies offering digital wallets and payment apps. It will focus on companies that handle over 50 million transactions per year and ensure they have "the authority to conduct proactive examinations to ensure companies are complying with the law in these and other areas," the bureau said in a statement. "Supervision also is an …

Engadget

The US Consumer Financial Protection Bureau will now regulate Apple Pay, Venmo and others

US watchdog issues final rule to supervise Big Tech payments, digital wallets

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