The top consumer watchdog of the US government, which establishes guidelines for sharing financial data of consumers, has advised tech titans against severely limiting access to payment apps, which would be detrimental to Apple Inc.’s exclusive technology. — financial innovations.

According to the Customer Financial Protection Bureau, the limitations placed on app developers’ use of the tap-to-pay technology might reduce customer choice as Apple and Alphabet Inc.’s Google Pay. dominate the mobile tap-to-pay market.

The agency stated that while Google’s Android operating system does not, there are concerns Google may change its stance in the future. “Apple requires iOS device users to turn to Apple Pay for tap-to-pay transactions, prohibiting direct integration with apps like Venmo,” the bureau said.

As mobile devices have become more commonplace, tap-to-pay transactions have risen, making using a smartphone to pay increasingly appealing. According to the CFPB, approximately 56 million customers used Apple Pay to make purchases in stores in April 2023 alone.

The bureau is getting ready to release open banking rules in the upcoming months, which will essentially set forth how financial institutions must share customer data.

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