The Consumer Financial Protection Bureau (CFPB) has finalized a new rule that will bring Apple Pay and other major digital wallet services under

The new rule is meant to ensure digital payment providers adhere to the same laws as credit unions and large banks. It will give the CFPB the authority to oversee their compliance

As regulation threatens to tear Google apart and fundamentally both damage both Android and Apple, yet another regulatory noose is tightening around Cupertino, as its Apple Pay service will in future be regulated like a bank.

The CFPB will supervise Apple Pay, Google Pay, Venmo and others in the areas of privacy and surveillance, debanking (losing access to their app without notice) and errors and fraud. This could provide more options for opting out of data collection and restricting them from misrepresenting their data protection practices,

Apple Pay has been so successful that it has caught the attention of bank and financial services regulators in the United States.

The popularity of Apple Pay will now see the Cupertino company regulated by the US Consumer Financial Protection Bureau (CFPB),

Some digital services look like banks and act like banks, but aren’t banks -- meaning they can, for instance, close down your account without notice. Or

Apple’s financial services will soon be regulated by US officials in the same way as banks and other financial institutions, as the government’s financial protection watchdog gains oversight of all fintech companies offering digital wallets like Apple Pay.