Big Tech rebuffs US consumer watchdog plans to supervise digital wallets

Jan 8 (Reuters) - A U.S. watchdog's plan to supervise companies like Apple (AAPL.O) and Alphabet's Google (GOOGL.O) that provide digital wallets and payment apps risks stifling innovation and keeping some players out of the market, their lobby group said on Monday.
The warnings from the Computer & Communications Industry Association (CCIA) - whose members also include Amazon (AMZN.O), Facebook parent Meta (META.O) and X, formerly known as Twitter - responded to a proposal in November by the U.S. Consumer Financial Protection Bureau (CFPB), which said tech giants' smartphone payments and wallets services rivaled traditional payment methods but lacked the same consumer safeguards.