Consumer watchdog to oversee digital wallets, payment apps ...Middle East

Large companies that offer digital wallets and payment apps will now be overseen by the Consumer Financial Protection Bureau (CFPB). The CFPB finalized a rule Thursday to bring companies handling more than 50 million transactions a year under its supervision. This will include Apple, Google, Amazon, PayPal, Block, Venmo and Zelle, according to CNBC. "Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” CFPB Director Rohit Chopra said in a statement. "The rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures." The agency already had enforcement authority over these large digital paymen

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Consumer watchdog to oversee digital wallets, payment apps ...Middle East

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