Apple's policy of limiting competition in its digital wallets faces challenges as PayPal allows customers to add PayPal and Venmo cards to Apple Wallets. Mobile wallets gained popularity during the pandemic, with 42 percent of Americans using them in 2022.
Apple's reluctance to open its devices to rival wallets like Google Pay has led to scrutiny from the U.S. Consumer Financial Protection Bureau and the European Union.
Apple also faces a class-action lawsuit in the United States alleging antitrust violations by card issuers. Apple charges issuers for wallet transactions and dominates the mobile wallet market with 55 million users. Juniper Research forecasts U.S. mobile wallet transactions to reach $179 billion this year and $451 billion by 2028.
Forgeries, deep fakes and generative AI models are blurring the lines between reality and fiction, according to a new study by AU10TIX. Published Oct. 17, 2023, the company’s 2023 Global Identity Fraud Report segments emerging threats by industry and region, building a case for advanced biometrics and multilayered strategies to defend against organized crime.
Based on curated metadata from millions of transactions processed in 249 countries between April and June 2023, the report found a 44 percent uptick in organized ID fraud in North America.
Researchers suggest the upsurge may be driven by economic and inflationary pressures that embolden professional ID fraud syndicates. Additional hot zones include Asia-Pacific region, where over 4 percent of transactions were flagged as ID fraud.
Consumers are poised for a robust holiday shopping season, adapting to higher prices driven by inflation, according to a new report from Deloitte LLP. Despite 72 percent of consumers expecting to pay more, nearly all intend to participate in year-end holiday shopping, planning to spend an average of $1,652. This is a 14 percent increase from 2022 and 10 percent from 2019. Strategies to manage inflation include buying fewer gifts (eight versus nine last year), increased spending on gift cards ($300 versus $217), and seeking Black Friday and Cyber Monday deals (66 percent versus 49 percent).
Additional findings include that nearly 30 percent of shoppers in the study will drive nearly 70 percent of holiday spending, in-store purchases are returning to 2019 levels, and loyalty to favorite retailers remains strong at 76 percent.
Nacha reported that in 2023, the ACH network handled 597.6 million same-day ACH payments, amounting to $1.78 trillion—marking a 16 percent and 42.4 percent increase, respectively, compared to the same period in 2022.
Although same-day activity is growing, it remains a fraction of total ACH transactions, which numbered 7.8 billion in the third quarter of 2023, including 212 million same-day ACH payments worth $608 billion—marking a 20 percent increase in volume and 27.1 percent in dollars over the third quarter of 2022.
The $1 million limit, introduced in 2021 to attract B2B transactions, contributed to a 9.6 percent increase in identified B2B ACH transactions in the third quarter of 2023. The ACH faces competition from FedNow and RTP, with the latter showing substantial growth in volume and value of transactions.
The Consumer Financial Protection Bureau proposed new privacy guidelines, reintroducing Section 1033 of the Dodd-Frank Act, focused on consumer access to personal data at financial institutions. This move signals the CFPB's interest in open banking practices. The proposed Personal Financial Data Rights rule aims to empower consumers by granting them more control over their financial data.
CFPB Director Rohit Chopra highlighted the need for standardized procedures among financial institutions to ensure transparency in data sharing and pricing. The proposed rule would allow consumers to access and share their financial information with third-party service providers, promoting market competition and consumer choice. The Electronic Transactions Association supported the proposal, emphasizing convenience, security, and competition. 
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