Apple and other digital payment apps will now be monitored by the government [Video]

Digital wallets and payment apps — like Apple Pay, Google Pay, Venmo, and PayPal — are facing stronger regulations under the U.S. Consumer Financial Protection Bureau (CFPB), the nation’s bank and financial service watchdog.

Through a new rule passed Thursday, the agency will have the power to supervise the behavior and policies of nonbank companies offering digital funds transfer and payment wallet apps —recategorizing these processors and their Big Tech owners under similar rules to banking institutions. Under its new powers, the CFPB can keep a closer eye on data collection and sharing, monitor fraudulent transactions and disputes, and act as a safeguard for users who are forcibly unbanked by having their accounts closed or frozen.

“Today’s rule represents the latest step to strengthen oversight of large technology firms in consumer financial markets,” the agency wrote. “The CFPB warnedBig Tech firms in 2022 about their obligations under consumer protection laws when using behavioral targeting …