Surge In Gasoline And Diesel Prices In China
CFPB Decides to Supervise the Non-Bank Companies in the Digital Payments Sector
By Aarti Dhapte , 14 December, 2023
Digital payments make transactions more accessible with various payment applications for consumers. In November 2023, the Consumer Financial Protection Bureau (CFPB) announced governing the non-bank organizations that provide services like digital payment apps, digital wallets, and others.
Companies from the non-bank background are growing in popularity in the digital payment field, such as Google, PayPal, and Apple, among other payment apps. The main concern raised by the organization is that many non-bank payment apps are not subjected to CFPB's supervision tests. Therefore, CFPB wants to enroll all non-bank companies in the digital payment field to follow the rules and regulations of the banks and other financial organizations. CFPB expects this specifically from companies with more than 5 million transactions annually. Credit unions, large banks, and other financial organizations adhere to the guidelines and rules laid down by the CFPB for governing these institutions.
China leads the world in digital payments in 2023 in various areas of the economy, including online shopping, payment at restaurants, and others. A recent survey releasing data in November 2023 shows that Alipay and WeChat Pay are the foremost non-bank companies involved in digital payment and transactions, with 92 and 85 percent, respectively.
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.
Latest News
Surge In Gasoline And Diesel Prices In China
The Chinese government decides to soar in gasoline and diesel prices in between the increasing crude oil prices in 2024. Around the beginning of the first quarter of 2024, crude oil prices are experiencing a sudden price hike. Therefore, the gasoline…
Magnesium Batteries In Industrial Applications Can Be An Alternative To Lithium-Ion Batteries
The magnesium metal market is growing due to its versatility in various sectors. The metal is widely used in different industrial applications. Thus, magnesium metal is expected to grow throughout 2024. Magnesium batteries will be an alternative to…
Magnesium Batteries In Industrial Applications Can Be An Alternative To Lithium-Ion Batteries
The magnesium metal market is growing due to its versatility in various sectors. The metal is widely used in different industrial applications. Thus, magnesium metal is expected to grow throughout 2024. Magnesium batteries will be an alternative to…
International Monetary Fund Reports Artificial Intelligence Role In Boosting UK Economy
Artificial intelligence is growing exponentially in today’s world. It is used in different applications ranging from tech to healthcare. Artificial intelligence can transform the efficiency of work in every sector if used wisely. International…
Europe’s Clean Energy Transition Funds May Suffer From Dip In Carbon Prices
Carbon dioxide prices are changing due to fluctuating market conditions in 2024. The trading markets of the European Union experienced a lower carbon emissions rate in 2024. This indicates that the harmful carbon emissions have lowered in the…
Aarti Dhapte
Team Lead - Research
Latest News
Magnesium Batteries In Industrial Applications Can Be An Alternative To Lithium-Ion Batteries
Magnesium Batteries In Industrial Applications Can Be An Alternative To Lithium-Ion Batteries
International Monetary Fund Reports Artificial Intelligence Role In Boosting UK Economy
Europe’s Clean Energy Transition Funds May Suffer From Dip In Carbon Prices
