Can enhanced Apple Pay supervision turn Apple Bank into a viable concept?

The escalating prominence of digital transactions

This appears to be the view of the CFPB. “Digital transactions have transitioned from being a novelty to a vital necessity, and our monitoring should adapt to this changing landscape,” Chopra emphasized. “The regulation will serve to uphold consumer confidentiality, combat fraudulent activities, and prevent illicit account terminations.”

Reflecting on the past, it was not too distant a time when the idea of Apple intending to transform your iPhone into a digital wallet seemed excessively radical. However, this is no longer the scenario. Researchers declared two years ago that Apple Pay had outperformed Mastercard in terms of the total value of yearly transactions, positioning Apple Pay as the world’s second most utilized payment platform, just behind Visa. Google’s G Play system held the fifth spot at that time.

The regulatory body elaborates that payment applications have now become a fundamental component of everyday trade, with individuals utilizing them regularly, akin to physical cash. “What started as a convenient substitute for cash has now transformed into a pivotal financial instrument, processing transactions totaling over a trillion dollars between consumers and their acquaintances, relatives, and enterprises,” as stated by the CFPB.

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AndyC

Andy Curtis is an award-winning security consultant, researcher and public speaker. He has been working in the computer security industry since the early 1990s, having been employed by state and federal government, leading healthcare and banking providers across three continents. He has given talks about computer security for some of the world’s largest companies, worked with law enforcement agencies on investigations into hacking groups, and is a regular voice on TV and radio explaining IT security threats.

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