Apple has been many different types of company over its long tenure. While its always been a tech player it has also been in a state of near constant corporate evolution has meant its always been a lot more than that. With the launch of Apple Pay a new question is emerging about this newest step in the evolution of Apple–is it ready to be a bank?
Or perhaps, slightly more on point, is Apple ready be be regulated like it is bank? This question is likely about to become a whole lot less theoretical since the Consumer Financial Protection Bureau believes that mobile payment systems are subject to many of the same laws that govern the highly regulated banking and credit card industries.
With size comes attention and while Verizon Wireless, Google and Starbucks all offer some flavor of d mobile payment option, Apple has hundreds of billions of credit cards, a cult-like following and a quarter million retailer ready to sign on to Apple Pay.
And so the CFPB thinks now is the time to learn more, and has been investigating since earlier in the summer of 2014 how technology is changing the way Americans spend.
“In a world where people can manage their money on the go, there is great potential to serve more consumers and allow them to take greater control of their finances,” CFPB Director Richard Cordray said earlier this summer. “But we need to make sure all consumers are protected whether they are opening their wallets or scanning the screen on their smartphones.”
The Federal Trade Commission has also registered some concerns; specifically that has also been involved in the oversight process of mobile banking. In a series of comments filed this past week the FTC expressed that mobile phones track and transmit data regarding location, reports In The Capitol.
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