By 
UK regulators are calling for public input on the benefits and risks associated with digital wallets from Big Tech companies such as Apple and Google. The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have launched a call for information to understand the impact of Apple Pay, Google Pay, and PayPal on individuals and businesses.
Digital wallet usage has surged in recent years, with more than half of UK adults likely now using these services, according to the FCA and PSR. The regulators are seeking feedback on whether any features of these digital wallets hinder their effectiveness for consumers and businesses.
The FCA and PSR are particularly interested in understanding the role of digital wallets in enhancing account-to-account payments and their potential impact on competition among payment systems. They also aim to identify any significant issues related to competition, consumer protection, or market integrity that may arise from the widespread use of digital wallets.
Nikhil Rathi, Chief Executive of the FCA, emphasized the importance of this initiative: “The UK is experiencing a seismic shift in payment methods, with digital wallets becoming an integral part of daily life for many people. We want to ensure that we can maximize the opportunities and benefits for consumers and businesses while safeguarding against any risks this technology may present.”
The feedback collected will help shape the regulatory approach to digital wallets and ensure that they work effectively for all stakeholders involved.
Comments