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416 Apple Pay, Cash App, and other digital wallets will be regulated more like banks now

The Verge
Emma Roth @ The Verge · 11/21/2024 10:13 EDT

Apple Pay, Cash App, and other digital wallets will be regulated more like banks now

Illustration: Hugo Herrera / The Verge


Major digital payment providers will soon be subject to bank-like supervision from the US Consumer Financial Protection Bureau (CFPB). On Thursday, the CFPB issued a final rule that will regulate digital payment apps that process over 50 million transactions each year, covering services like Apple Pay, Google Wallet, PayPal, Cash App, and others.
The new rule is meant to ensure digital payment providers adhere to the same laws as credit unions and large banks..

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