British regulators said that they were looking into the soaring use of digital wallets which are being offered by Big Tech firms, including any competition, consumer protection or market integrity concerns.
The Financial Conduct Authority and Payments Systems Regulator are reportedly seeking views on the benefits and risks and will assess the impact of digital wallets, such as Apple Pay, Google Pay and PayPal. All the digital wallets have competition and a choice of payment options at checkout, among other things.
UK Adapting Online Payment Culture
Digital wallets are used by more than half of UK adults and have become ‘an increasingly important touchpoint’ between leading technology companies and UK consumers- stated in a statement.
David Geale, the PSR's managing director said, "Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too.”
Nikhil Rathi, the FCA's chief executive, said the growth of digital wallets represented a "seismic shift" in how people pay and regulators wanted to maximise the opportunities while "protecting against any risks this technology may present."
Regulators and lawmakers in Europe and the United States have been examining the growing role of leading tech players in financial services.
The U.S. consumer watchdog further proposed to regulate payments and smartphone wallets, prompting criticism from the industry last year.
The British regulators said their review of digital wallets built on their previous work on contactless mobile payments and the role of Big Tech firms in financial services.
After considering all feedback, the regulators provide an update on Big Tech and digital wallets by the first quarter of 2025.
ALSO READ: Acerpure unveils new Smart TV series in the Indian market, starting at Rs. 11,490
The Acerpure TVs boast Pure Vision technology, which delivers an astonishing 1.07 billion colours for vivid and lifelike visuals. It comes with Pure Dolby audio, so viewers can expect an immersive sound experience.
ALSO READ: Global smartphone market sees 6.5 per cent growth in Q2, Samsung and Apple lead: IDC Report
As per the Reuter report, it is marked as the fourth consecutive quarter of growth in global shipments, in which smartphone manufacturers are leveraging artificial intelligence (AI) to attract price-conscious customers across the world and expand their market share accordingly.
Inputs from Reuters
