Apple Corporation has been recognized as a financial institution in the United States for its contactless payment service.
Oku.Az “Bloomberg” reported on this.
It should be noted that this was made possible thanks to the new federal law. Under this law, a company receives bank status if it conducts at least $50 million in transactions per year. The IT giant can be considered a financial institution thanks to the contactless payment service “Apple Pay” and the credit card “Apple Card”.
According to CFPB Director Rohit Chopra, it is important to consider digital payments because they have become a part of our lives. “Bloomberg” noted that more than 60% of the US population uses mobile wallets, and most of them rely on “Apple Pay.”
According to “9to5Mac”, the decision to recognize “Apple” as a financial institution may mean greater interest from the authorities in the company.
