Apple will now be treated like a bank

Re:Apple will now be treated like a bank by ksec on Friday November 22, 2024 @03:17AM (#42212051)

I am thinking that would also include Stripe? Or is Stripe not consumer facing? Not that Apple is forced to open up NFC worldwide. I am wondering what would happen next? Surely Apple has incentive to own NFC transaction or something like Apple Cash.

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Re:Apple will now be treated like a bank by Animats on Friday November 22, 2024 @03:32AM (#42212120)

Stripe is considered to be acting for a "sponsor bank", the one that handles the merchant's account. Stripe itself does not hold customer or merchant money.

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Re:Apple will now be treated like a bank by amelius on Friday November 22, 2024 @06:06AM (#42212823)

I could swear there was an article here years ago about Stripe getting the bank status.

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Re:Apple will now be treated like a bank by alberth on Friday November 22, 2024 @03:33AM (#42212128)

> major technology firms that offer digital wallets

I don’t think so.

Since I’m not aware of a Stripe Digital Wallet offering of theirs for money movement.

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