Apple Pay, Venmo, and Google Pay would undergo the same scrutiny as banks under the proposed rule

Popular digital wallets and payment apps run by giants like Apple

and Google are being targeted for more regulatory oversight to protect consumers.

the largest payment platforms that are not run by traditional banks to make sure these digital wallets

and payment apps follow applicable federal consumer financial protection laws.

The digital wallet industry has built up a significant footprint where $1.7 trillion in consumer payments are made each year

and experts say it's likely to grow significantly in the years ahead. We're talking about 13 billion transactions a year.