Industry professionals, consumers, and politicians from both parties have criticized the US proposal targeting non-bank payment service providers.

The US Consumer Financial Protection Bureau’s proposal to expand regulatory oversight to non-bank providers of digital wallets and payment apps has sparked strong criticism from industry groups, lawmakers from both parties, and consumer advocates. However, some banking groups have expressed support for the move. According to a 2023 report by Juniper research, the global value of digital wallet transactions is expected to reach $16 trillion by 2028, with North America ranking second after China as the largest market. Our blog provides comprehensive coverage of this issue, including comments from financial leaders and policymakers around the world, regional and country-specific bank rankings and awards, and subscription options for our readers. Keep reading for in-depth analysis and insights into this rapidly growing market.  

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