The US Consumer Financial Protection Bureau is facing strong criticism from industry groups, Republican and Democrat lawmakers, and consumer advocates over its proposal to extend regulatory supervision to non-bank providers of digital wallets and payment apps. Others — including banking groups — have welcomed the move.
The total global value of digital wallets transactions is expected to grow from $9tn in 2023 to surpass $16tn in 2028, a rise of 77 per cent, with North America second only to China as the largest market, according to a 2023 report by Juniper research.
