CFPB Decides to Supervise the Non-Bank Companies in the Digital Payments Sector
By Aarti Dhapte , 14 December, 2023
Digital payment applications provide convenience in all transactions done by the users. The retail sector sees more payment transactions through non-bank digital payment apps as it overcomes the rate of traditional payment methods via debit and credit cards. The cashless economy trend is growing faster with these digital payment apps as the merchants also allow payments made with online transactions, which helps lessen merchants' use of cash. Digital transactions help consumers with small or middle income primarily. However, CFPB found that tech companies providing digital transactions in the consumer finance markets have reduced the difference between banking and payments through commercial ways. According to CFPB, this difference can put consumers at stake. Therefore, the CFPB will decide on the mandatory supervision of non-bank organizations, like big tech companies, in 2023.
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