All articles tagged with #digital wallets
PayPal is launching new one-to-one payment links called PayPal Links, which will soon support cryptocurrency transactions in the U.S., allowing users to send and request payments more easily via personalized, shareable links that expire after 10 days.
Several malicious apps mimicking popular digital wallets have infiltrated the Google Play Store using deceptive tactics, and even if removed from the store, they can still harm your device. Users are advised to delete these apps immediately if installed to prevent theft of their mnemonic phrases and digital assets.
The Consumer Financial Protection Bureau (CFPB) has finalized a rule subjecting Apple Pay and other major digital wallet services to the same federal oversight as banks, effective 30 days after publication in the Federal Register. This regulation applies to platforms processing over 50 million annual transactions in U.S. dollars, allowing the CFPB to examine compliance with consumer financial laws, including privacy and fraud prevention. This move aligns with global trends to regulate big tech's financial services involvement.
Some Coinbase customers are reporting seeing zero balances in their accounts, prompting the cryptocurrency exchange to acknowledge the issue and assure users that their assets are safe while investigating the matter. The problem has led to errors in buying or selling, causing concern among cryptocurrency traders, especially given the recent surge in bitcoin prices. Coinbase has provided updates on its website and social media, stating that customer trading is improving but some errors may still occur due to increased traffic.
PayPal CEO Alex Chriss believes the company has solved checkout problems and unveiled new features focused on checkout speed, marketing tools, personalization offers, and AI at an innovation event, but the stock dropped sharply. The company aims to better monetize its peer-to-peer payment platform, Venmo, by revamping business profiles and enabling service professionals to offer discounts, presenting a "huge monetization opportunity."
With the holiday season comes an increased risk of credit and bank card hacking. To protect your cards, it is important to take precautions both offline and online. When using your card in person, protect your PIN, be alert for signs of tampering, and use contactless payments and chip technology. When shopping online, use strong passwords, shop securely on trusted websites, and consider using digital wallets like Apple Pay or PayPal. Regularly monitor your accounts, report lost or stolen cards immediately, and be cautious of phishing attempts. Additionally, consider using RFID-blocking wallets and have antivirus software installed on all devices.
Americans are accumulating record credit card debt, with balances reaching $1.08 trillion in the third quarter, the largest yearly increase since 1999. Rising prices and inflation are causing many Americans to struggle with credit card debt, with over half of Americans currently having credit card debt and owing an average of $5,875. As a result, consumers are turning to alternative payment methods such as buy now pay later (BNPL) and digital wallets, with digital wallets being the most popular choice. However, there are concerns about the potential debt traps associated with BNPL options. Additionally, cross-border payment issues are burdening consumers and small businesses. In the midst of this, American Express cardholders may be eligible for an Amazon promotion, and Affirm expects increased demand for its short-term consumer loans if interest rates remain high. Finally, Citi has launched a $200 cash back welcome bonus on its Citi Double Cash Card, and using a home equity loan to pay off credit card debt can offer cost savings.
The United States Consumer Financial Protection Bureau (CFPB) has proposed new oversight requirements for technology companies like Apple that offer digital wallets and payment apps. The proposed rule would subject companies handling more than five million transactions per year to the same rules and scrutiny as large banks and financial institutions. The CFPB aims to ensure that tech companies are following funds transfer, privacy, and consumer protection laws. This move comes as the CFPB has received an increasing number of complaints about tech companies in the consumer finance market and seeks to protect consumers from potential risks.
The Consumer Financial Protection Bureau (CFPB) has proposed a new rule to supervise larger nonbank companies, including Big Tech firms, that offer digital wallets and payment apps. The rule aims to ensure that these companies, handling more than 5 million transactions per year, adhere to the same rules as banks and credit unions. The CFPB's oversight would help protect consumers by ensuring compliance with consumer protection laws and promoting fair competition in the marketplace. This proposed rule is part of the CFPB's efforts to monitor the entry of Big Tech into consumer financial markets and address potential risks.