British regulators to look into digital wallets of Big Tech
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British regulators said they will examine the rapidly increasing use of digital wallets, which are used by multiple Big Tech firms, including concerns on competition, consumer protection or market integrity.
The Financial Conduct Authority and Payments Systems Regulator said they are seeking views on the benefits and risks digital wallets bring to people and businesses.
The regulators will look into the impact of these digital wallets, such as Apple Pay, Google Pay and PayPal.
“Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too,” PSR’s managing director David Geale said,
“The UK is seeing a seismic shift in how people pay, as digital wallets become a part of everyday life for many people,” FCA’s CEO Nikhil Rathi said.
The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one, the statement read.
The regulators will examine all the responses and provide an update by the first quarter of next year.