The US Consumer Financial Protection Bureau (CFPB) offered to compare the technologies of companies that develop digital wallets and payment applications for traditional banks.
Payment services such as Apple Pay are growing in popularity in the US, but their companies do not have the same checks as traditional banks.
The new bill proposes to treat companies as banks if they process more than 5 million transactions per year.
The CFPB says they are causing more and more complaints about the company’s processes. If the bill passes, the CFPB would be able to review Apple and Google’s money transfer, privacy, and consumer protection practices.
Source: Iphones RU
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