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In the latest news from the payments and policy space, Walmart maintains its stance not to accept any NFC-based payments, PayPal settles for $2 million over 2022 data breach, the outgoing head of the CFPB addressed digital payments rules in final days before Trump's arrival, and the new administration is reportedly in talks with Oracle about a TikTok sale.
CFPB's last word on digital payments: In the waning days of the Biden administration, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule to bolster consumer protections in digital payments, ensuring consistent application of the Electronic Fund Transfer Act (EFTA) and Regulation E. The rule aims to protect consumers from unauthorized transfers and errors while addressing competitive disparities among financial institutions and emerging paytech providers. Additionally, the CFPB is seeking public input on the handling of consumer financial data, reflecting its ongoing commitment to oversight in the evolving digital financial landscape. You can read more at Payments Dive.
No NFC payments for Walmart: Walmart continues to reject NFC-based payments like Apple Pay in its U.S. stores, opting instead to promote its proprietary solutions such as Walmart Pay and Scan & Go. Customers must use the Walmart app and maintain an account, allowing the retailer to potentially gather more customer data. Canadian Walmart locations have accepted Apple Pay since 2020, but U.S. stores remain committed to their own systems, diverging from most other major retailers.
PayPal fined over data: PayPal was ordered to pay $2 million to New York's Department of Financial Services for cybersecurity lapses that exposed customers' Social Security numbers in late 2022. The breach, which lasted about seven weeks, was attributed to inadequate staffing and training in cybersecurity, allowing cybercriminals to use "credential stuffing" to access sensitive data. In response, PayPal has enhanced its security protocols by mandating multifactor authentication, implementing CAPTCHA, and resetting passwords on affected accounts.
White House talks to Oracle about TikTok sale: According to NPR, the White House is negotiating a deal to transfer TikTok's global operations to Oracle and U.S. investors, with Oracle managing data and software to address national security concerns. ByteDance would apparently retain a minority stake, while American investors would hold the majority, aiming to prevent a nationwide ban currently upheld by the Supreme Court.