Bloomberg, March 13, 2019–Apple Pay will arrive in the U.S. in September, but for many people, it’s a new payment method that’s going to be less convenient than a credit or debit card.
The tech giant, which has faced backlash from merchants, has said that the new payment system will be much more convenient than the old one, which required the use of a smartphone.
In the meantime, consumers are still getting used to using cash and credit cards, which have long been associated with high costs and high fraud rates.
The Consumer Financial Protection Bureau (CFPB) is weighing in on the debate over the new technology, with consumer advocates saying the bureau should not be regulating a technology that hasn’t yet been proven to be safe.
The bureau has been tasked with reviewing new payments systems, which it did this week with a focus on Apple Pay.
In a report, the agency said that Apple Pay is safe and works as intended, and that it’s not subject to the bureau’s requirements to be regulated.
“The bureau will not regulate this technology unless it is found to be in violation of the consumer financial protection act,” the bureau wrote.
“The bureau’s review of Apple Pay has not been influenced by consumer privacy concerns or the fact that there are significant privacy and security concerns regarding the technology.
Consumers should exercise caution when using Apple Pay and use the services at their own risk.”
Apple CEO Tim Cook has been a vocal supporter of the technology, which allows consumers to make purchases using their phone, tablet, or laptop.
The technology has been criticized by many businesses, which say it’s cumbersome, expensive, and potentially vulnerable to fraud.
The bureau said it was not going to take any action on the technology until the bureau issued a formal statement, and Apple has already said it will comply with the bureau.
“Apple will continue to use the technology to make payments,” the company said in a statement.
“We have no plans to take this technology off the market at this time.”
The bureau said Apple is not exempt from the rules that apply to all other payments.
“This is a new technology that will need to be approved by the bureau before it can be approved for use,” it said.