Apple’s move into mobile banking could bring the tech giant under the same federal regulations as financial institutions.
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At a product launch event this week, Apple CEO Tim Cook made waves by unveiling a new mobile banking system that allows consumers to wave their iPhones for purchases instead of swiping debit and credit cards.
The product has generated tremendous buzz in the tech community, with some analysts predicting a revolution in the way people shop.
Apple is putting its considerable muscle behind the product, promising to work with more than 222,000 merchant locations in America. Visa, MasterCard and American Express are already onboard, as are Whole Foods, Macy’s and Disney.