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Digital wallets, Apple Pay to face greater government scrutiny

New rules treat Big Tech payment processors just like banks.

Under its new powers, the CFPB can keep a closer eye on data collection and sharing, monitor fraudulent transactions and disputes, and act as a safeguard for users who are forcibly unbanked by having their accounts closed or frozen. "Today's rule represents the latest step to strengthen oversight of large technology firms in consumer financial markets," the agency wrote. Payment apps have skyrocketed in use and popularity, outpacing the use of traditional debit or credit cards and even financial institutions at large among predominantly middle and lower income users.

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