States will play key role in regulation: Mallik

In his Payments Dive interview, Avy Mallik underscored that “states will play a key role in regulation,” pointing to the increasingly dynamic relationship between state and federal oversight as the payments and fintech sectors evolve. Drawing on his experience developing California’s earned wage access and buy now, pay later (BNPL) frameworks, Mallik explained that “states will continue to lead the charge,” fine-tuning their regulatory environments to promote innovation while ensuring consumer protections.

He also emphasized that effective oversight depends on “coordination between state and federal regulators to support both innovation and compliance,” noting that state experimentation provides valuable insights for national policy. As new technologies reshape financial services—from digital wallets to artificial intelligence—Avy’s perspective reflects the growing importance of harmonized, forward-looking regulation across jurisdictions.

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