The U.S. Consumer Financial Protection Bureau (CFPB) has announced a landmark decision to impose bank-like supervision on major digital payment providers such as Apple Pay, Google Wallet, PayPal, and Cash App.
The rule applies to companies processing over 50 million transactions annually and aims to ensure compliance with federal laws on privacy, fraud prevention, and consumer protection. The regulation will take effect 30 days after its publication in the Federal Register and reflects the growing reliance on digital payment platforms, which collectively handle over 13 billion transactions yearly, according to CFPB estimates.
