The regulators are coming for Apple Pay
Apple’s mobile payments service, Apple Pay, looks to be on the regulatory hit list; the US Consumer Financial Protection Bureau (CFPB) is putting big tech firms with digital payment platforms under closer scrutiny.
The regulatory power grab extends to 17 services, including Google, Zelle, and Apple, which dominates US mobile payments. Once these proposals are approved, those payment systems will face the same degree of scrutiny as banks. Naturally, tech firms aren’t happy, though the banks are content.