The Payments Systems Regulator and Financial Conduct Authority are seeking views on the benefits and risks digital wallets bring to businesses and individuals.
The use of digital wallets has grown rapidly over the last few years. More than half of UK adults are now estimated to use one. Apple Pay, Google Pay and PayPal are the most widely used digital wallets in the UK today.
Chief executive of the FCA, Nikhil Rathi, said the UK is seeing a “seismic shift” in how people make payments.
“We want to make sure we can maximise the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present,” he explained.
David Geale, the PSR’s managing director added: “Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too.
“Collaboration between regulators and working with industry is crucial to ensure we’re on the front foot to support innovation and competition, making sure everyone benefits from access, protection and choice in payments.
The call for information is open until 17:00 on 13th September.
The regulators will consider all feedback received, with an update to the market expected by Q1 2025.
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