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This type of arrangement may also increase roadblocks to open banking reaching its full potential in the U.S.

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While Google’s Android operating system, which is the other major mobile operating system in the U.S., does not currently restrict access to NFC capabilities, they could reverse this position in the future given their existing market position and relationship with hardware manufacturers.Instead, consumers must use Apple’s proprietary payment service, Apple Pay. This includes widely used payment apps such as PayPal, Venmo, and Cash App, all of which are well-positioned to compete in the POS market. However, these apps cannot rely on NFC technology on mobile devices using Apple’s iOS operating system. Financial services providers, including bank and nonbank players, can offer applications to facilitate POS payments.

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QR code payments are also less secure than NFC payments. Payments made through QR codes in the POS context may be less preferred by those making and accepting payments, perhaps due to difficulty of use compared to NFC. than making payments using NFC technology. While the use of quick response (QR) codes to make POS payments is growing, it is currently less popular in the U.S.As adoption of contactless payments on mobile phones continues to increase, these two companies, and the business models and choices they employ, will have profound impacts on the competitiveness of the payments market and the future of open banking. Apple and Google dominate the smartphone operating system market.This growth is expected to continue-analysts estimate that the value of digital wallet tap-to-pay transactions will grow by over 150 percent by 2028. as NFC technology has become more commonly included in both mobile devices and payment terminals. Use of tap-to-pay at the POS continues to rise in the U.S.These are often referred to as “contactless” payments or “tap-to-pay.”

This technology makes it possible to make contactless payments using a mobile device and a checkout terminal. POS payments made through mobile devices are often made using near field communication (NFC) technology.Given the agency’s mandate to ensure fair, transparent, and competitive markets, as well as the CFPB’s plans to issue rules that will accelerate the shift to open banking in the United States, the CFPB analyzed POS payments in the context of mobile operating systems to better understand the state of platform interoperability in payments, a critical open banking use case. Any restrictions imposed by the dominant operating systems-Apple’s iOS operating system and Google’s Android operating system-will have an outsized effect on access to payments systems and may hinder the development of a truly open ecosystem. However, this evolution means that tech companies are playing a powerful role in determining consumers’ payment options. Given the continued shift toward the use of contactless payments on mobile devices like smartphones and wearables, there is now readily available technology for consumers to securely make POS payments through different apps and services. This issue spotlight focuses on the evolution of payments in point-of-sale (POS) purchases and the role that mobile device operating systems play. Open ecosystems facilitate easy switching and consumer choice by leveraging both platform interoperability and data portability.Īs the United States shifts toward open banking through data portability in consumer finance, the Consumer Financial Protection Bureau (CFPB) is paying greater attention to the potential for platform interoperability, particularly how consumers and those offering financial products and services can access different payment rails. In jurisdictions around the world, consumers, small businesses, financial institutions, and policymakers are recognizing the benefits of open ecosystems in the digital world.