The top U.S. consumer watchdog will supervise Apple Inc. and other major technology firms that offer digital wallets and payment apps, finalizing a proposal from last year with several changes.

The U.S. Consumer Financial Protection Bureau will now treat those companies more like banks as long as they handle more than 50 million transactions a year, conducted in U.S. dollars, according to a statement Thursday. The original proposal set the supervision threshold at 5 million transaction a year. While the financial regulator can already take action against companies that break the law, the new rule would allow the CFPB to regularly supervise the large digital-wallet and payments firms and their practices.

“Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” CFPB Director Rohit Chopra said in the statement.

More consumers are turning to digital wallets and payment apps to complete everyday transactions, and competition in the area has intensified, with Apple Pay leading the pack. Digital wallet use among U.S. consumers jumped to 62% last year from around 47% in 2022, according to Federal Reserve surveys.

Since the CFPB proposed the rule last year, Apple opened up use of its near-field communication payment chip, changing its long-held practice of limiting banks or other payment firms’ use of the technology. The strategy shift followed a deal with European Union financial regulators that required the Cupertino, California-based company to provide free access to its wallet technology for a decade.

PayPal Holdings Inc. recently disclosed that it’s working with the CFPB to answer questions about back-up payment options in its own digital wallet.

The final rule will take effect 30 days after it’s officially published in the Federal Register.

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