12:20 - 22.11.2024

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 November 22, Fineko/abc.az. Apple Corporation has received the status of a financial institution in the U.S.

ABC.AZ reports, referring to Bloomberg that this was linked with company's provision of contactless payment services.

According to the statement, the new federal law allows a company to be classified as a bank if it makes transactions for more than $50 million during the year. Thus, the IT giant has become a financial institution thanks to the Apple Pay service and the Apple Card credit card.

Now the activities of the company, which is headed by Tim Cook, will be monitored by the U.S. Consumer Financial Protection Bureau (CFPB).

Bloomberg reports that more than 60% of the U.S. population uses mobile wallets, while a significant portion of them use Apple Pay.