New Federal Rules Tighten Oversight on Digital Wallets and Payment Apps

The US Consumer Financial Protection Bureau (CFPB) will begin regulating major digital payment providers like Apple Pay and Cash App with bank-like supervision. This new rule applies to apps processing over 50 million transactions annually, ensuring compliance with federal laws on privacy, fraud, and more. The regulation aims to protect consumer privacy and prevent illegal activities, reflecting the growing necessity of digital payments. The rule will take effect 30 days after its publication in the Federal Register.