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Apple Pay, Cash App, and other digital wallets will be regulated more like banks now (www.theverge.com)

submitted 1 day ago by alyaza to c/technology

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[–] flashgnash@lemm.ee 9 points 22 hours ago (1 children)

Do people store their money in these things? I use Google pay quite often, but it draws the money from the bank at the time of payment

[–] fuckwit_mcbumcrumble@lemmy.dbzer0.com 2 points 3 hours ago

It will give the CFPB the authority to oversee their compliance with federal laws surrounding privacy, fraud, and other rules through “proactive examinations.”

It's to help stop scams, not for people trying to use them as a bank or something.