US government steps up oversight of Apple Pay and rivals
The US Consumer Financial Protection Bureau says it will apply rigorous oversight to Big Tech payment systems such as Apple Pay.
The Consumer Financial Protection Bureau (CFPB) recently fined Apple and Goldman Sachs a $90 million penalty over disputed Apple Card payments. However, it has long argued that digital wallet systems such as Apple Pay should be regulated like credit cards and banks are.
According to Reuters, the CFPB has now said it will step up its supervision of Big Tech companies. While CFPB did not name companies, it outlined plans for its oversight of payment apps and platforms.
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Source: AppleInsider News
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