US Consumer Financial Protection Bureau proposes new rule to oversee Big Tech digital wallet and payment app providers

Consumer Financial Protection Bureau (CFPB) logo

The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions... More


New EU law to force Apple to open up its NFC chip?

EU spokesperson Andreas Schwab speaking in front of EU stars logo

Negotiators from the European Parliament and the European Council have provisionally agreed the text of a Digital Markets Act (DMA) that will obligate “gatekeeper” technology companies such as Apple and Google to “allow app developers fair access to the supplementary functionalities of smartphones (eg NFC chip)”... More





What's New in Payments

Apple Pay Cash gets top rating for P2P payments privacy and security

Why Apple Pay is the highest-rated mobile P2P payment service — Consumer Reports — “In our first-ever test-based ratings of P2P mobile services, CR rated Apple Pay the highest overall, with excellent or very good marks in the key consumer-protection measures of payment authentication and data privacy. Apple’s overall rating was significantly higher than for the other services we tested: Venmo, Square’s Cash App, Facebook P2P Payments in Messenger, and Zelle.”


What's New in Payments

Danish consumer council raises Apple Pay competition concerns

Apple Pay accused of unfair competition in Denmark — The Copenhagen Post — “The Forbrugerrådet Tænk consumer council is not sure that Apple Pay is operating in compliance with Danish law, and it has asked the Concurrence og Forbrugerstyrelsen competition and consumer agency to investigate… ‘We have reported Apple Pay because we believe this new payment app is in violation of our competition law and the EU rules governing this area,’ Forbrugerrådet Tænk chairperson Anja Philip told DR Nyheder.”


What's New in Payments

Financial Conduct Authority sets out PSD2 requirements for UK payment service providers

FCA finalises revised Payment Services Directive (PSD2) requirements — Financial Conduct Authority — “As well as promoting innovation, PSD2 aims to improve consumer protection, make payments safer and more secure, and drive down the costs of payment services….The FCA has published the PSD2 Policy Statement which explains the changes we are making to our proposals following consultation… The FCA has published its Approach Document alongside this – this is designed to help firms navigate the payment services and e-money regulatory requirements, including those set out in HM Treasury regulations.”


NFC World

Payments NZ issues NFC standards

Payments NZ sets out the scope of its new mobile device standards

Payments NZ, the organization responsible for overseeing New Zealand’s payments infrastructure, has published a set of rules and standards for mobile devices ahead of the planned rollout of NFC payments in the country later this year. More


NFC World

FTC looks into mobile payments

Federal Trade Commission (FTC)

The US Federal Trade Commission is inviting comments from industry representatives, consumer groups, technology providers and academics ahead of a mobile payments workshop it will host in Washington, DC on 26 April. More