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The finalized rule, issued this week, will essentially treat the tech firms — with digital offerings such as Google Pay, Apple Wallet, Venmo and a broad range of apps — as banks. The CFPB noted in its announcement that taken all together, the apps and wallets process 13b consumer transactions each year.
“Even among consumers with annual incomes lower than $30,000 who have more limited access to digital technology, 61% reported using P2P payment apps,” the CFPB wrote in its ruling. “Higher rates of use by U.S. adults in lower age brackets may drive further growth well into the future.”
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