The UK’s financial regulators are taking a closer look at the growing presence of digital wallets in the payments landscape. The Financial Conduct Authority (FCA) and Payments Systems Regulator (PSR) announced an investigation into the use of digital wallets by major tech companies like Apple, Google, and PayPal.
The review will focus on the potential impact of these wallets on competition, consumer protection, and market integrity. The regulators are particularly interested in understanding how these digital wallets influence consumer choices at checkout. They are concerned about the potential for these tech giants to gain an unfair advantage in the payments market.
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This investigation comes at a time of increased scrutiny of Big Tech’s role in financial services. Both European and US regulators are looking into similar issues, highlighting the growing concern about the potential for these companies to disrupt traditional financial institutions.
The FCA and PSR emphasize their commitment to promoting innovation while ensuring consumer protection. The review will consider both the benefits and risks associated with digital wallets. The regulators will gather feedback from stakeholders and provide an update on their findings by the first quarter of 2025.