As the number of adults in the UK using digital wallets rises, British regulators are concerned about customer safety while using services like Apple Pay, Google Pay, and PayPal.
New Delhi, 16th July 2024
The growing use of digital wallets provided by big internet corporations is being closely monitored by British regulators, who are particularly interested in possible problems with competition, consumer protection, and market integrity.
The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are actively seeking public feedback on the benefits and drawbacks of digital wallets like Apple Pay, Google Pay, and PayPal. They are primarily concerned with evaluating how new digital payment options will affect competitiveness, customer choice at the register, and other pertinent aspects.
UK Accepts Trend Towards E-Wallet Culture
Digital wallets are becoming more and more popular, and David Geale, Managing Director of the Payments Systems Regulator (PSR), acknowledged this by calling them an increasingly important part of consumer payment habits. He highlighted the possible risks that come with their widespread use in addition to the positives they present.
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The Financial Conduct Authority’s (FCA) CEO, Nikhil Rathi, described the growth of digital wallets as a major shift in payment methods, highlighting the regulators’ objective to take advantage of the opportunities while minimizing the risks that this technology may present.
Regulators and lawmakers are closely examining the growing role of big digital corporations in financial services in both Europe and the US.
The US consumer watchdog recommended rules for payments and smartphone wallets last year, which was met with opposition from the business community.
According to British authorities, its investigation into digital wallets expands on earlier work on contactless mobile payments and the role of large tech companies in the financial services industry.
By the first quarter of 2025, regulators intend to release an update on Big Tech and digital wallets after carefully reviewing all of the comments.
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