The CFPB’s new rule brings major digital payment apps like Apple Pay under federal supervision, addressing issues like fraud, privacy, and debanking to protect consumers.

The CFPB announced that digital payment platforms processing over 50 million transactions annually will face federal supervision 30 days after publication in the Federal Register. Apple Pay is a widely used U.

The top US consumer watchdog will supervise Apple Inc. and other major technology firms that offer digital wallets and payment apps, finalizing a proposal from last year with several changes.

Apple Pay faces CFPB regulation, bringing stricter oversight to mobile wallets as federal watchdogs aim to ensure fairness and consumer protections.

Regulatory supervision will involve detailed scrutiny to ensure compliance with federal law, a process banks routinely undergo.