Tag: apple pay

Meta, Apple At Risk of Increased Regulation of Digital Wallets
8Nov By adminNo Comments
Technology

Meta, Apple At Risk of Increased Regulation of Digital Wallets

[ad_1] Meta Platforms Inc., Apple Inc., Alphabet Inc. and other companies that offer digital wallets and payment apps would fall under US Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.Companies handling more than 5 million transactions per year would be regulated like banks, credit unions, and other financial institutions already under the CFPB's supervision, the agency said in a statement Tuesday. CFPB examiners would be able to monitor payment apps for compliance with federal money-transfer laws, as well as for unfair, deceptive, or abusive conduct, should the rule be finalized. The agency can already step in if nonbanks act unlawfully, but it can't regularly supervise their operations under c...
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Apple to launch Apple Pay in India soon?
25Jun By adminNo Comments
Technology

Apple to launch Apple Pay in India soon?

[ad_1] Apple has been looking forward to launching its payment feature called Apple Pay in India for a long time now.As per GSMArena, Apple is planning to hold talks with the local regulatory bodies, specifically, the NPCI - a special division of India's central bank Reserve Bank of India. Apple Pay would be entering into a hyper-competitive segment with players like PhonePe, GooglePay, WhatsAppPay, and Paytm, among others. Reportedly, Tim Cook met with Indian authorities to negotiate a localized version of Apple Pay - customers to be able to scan QR codes and initiate UPI transactions without using third-party apps. Apple also wants users to confirm UPI transactions using the Face ID feature.However, Apple hasn't entered negotiations with local partners (banks) yet.In March, Apple intr...
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US regulators warn public not to keep money in PayPal, Venmo and other payment apps; here is why
5Jun By adminNo Comments
Technology

US regulators warn public not to keep money in PayPal, Venmo and other payment apps; here is why

[ad_1] It is an undeniable fact that digital wallets and mobile payment services such as PayPal, Venmo, and others have changed how people transact financially on a daily basis. Credit and debit cards were said to be the technologies that declined cash transactions and now digital wallets are slowly replacing bank cards, as their popularity continues to grow. According to reports, the total transaction volume across mobile payment services in 2022 crossed $1 trillion for the first time and closed at $1.1 trillion. However, US regulators are now warning their citizens to not store large amounts of money in these apps or replace banks and credit unions with them because they do not offer security on users' money.According to a report by CNN, the Consumer Financial Protection Bureau (CFPB)...
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Apple Launches K-Pop Offensive in Samsung’s Home Turf of Korea
30Mar By adminNo Comments
Technology

Apple Launches K-Pop Offensive in Samsung’s Home Turf of Korea

[ad_1] Apple Inc. has enlisted K-pop girl band NewJeans to woo users in South Korea — the home ground of arch-rival Samsung Electronics Co. — as the world's most valuable company bets on a post-Covid global rebound in spending.The iPhone maker is opening its fifth store in the center of Seoul's posh Gangnam district, with local media reporting plans to open a sixth this year. Seoul would then have more Apple Stores than in iPhone-loving Tokyo. In a rare promotional event Wednesday, Apple set up a pop-up studio inside the new store, where visitors could listen to an exclusive spatial audio recording of NewJeans's hit song OMG, which approaches 360-degree sound by adjusting the music to the movement of a device. Apple is ramping up the offensive in Asia's key growth markets. Earlier this ...
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Apple Starts to Roll Out ‘Pay Later’ Service After Long Delay
29Mar By adminNo Comments
Technology

Apple Starts to Roll Out ‘Pay Later’ Service After Long Delay

[ad_1] Apple Inc. began rolling out its first “buy now, pay later”-style service after a lengthy delay, entering a field currently dominated by Affirm Holdings Inc., Klarna Bank AB and others.The service, called Apple Pay Later, will divide purchases into four payments, spread over six weeks, with no interest or fees. It resides in the iPhone's Wallet app, with users able to borrow amounts of $50 to $1,000 from Apple. The feature was first unveiled in June of last year as part of a broader push into financial services. Apple Pay Later was expected in September, but took several more months to be ready. The company said that a “pre-release” version of the service will be available for users on a “randomly selected” basis and that it plans to introduce it for all customers in the “coming ...
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