UK regulators are demanding feedback on the benefits and risks that digital wallets from big tech giants like Apple and Google pose to people and businesses.
The use of digital wallets has increased rapidly in recent years and it is likely that more than half of adults in the UK now use one, say the Financial Conduct Authority and Payments Systems Regulator.
The regulators have now launched a call for information to find out what impact Apple Pay, Google Pay and PayPal have on users.
The FCA and PSR say they want feedback on whether there are features that are causing payments to not work as well as they could for consumers and businesses.
They also want to know what role digital wallets play in unlocking the potential of account-to-account payments and how they might impact competition between payment systems
whether they could raise significant competition, consumer protection or market integrity issues.
Nikhil Rathi, chief executive of FCA, said: “The UK is seeing a huge shift in the way people pay, as digital wallets have become a part of everyday life for many people.”
“We want to ensure we can maximize the opportunities and benefits for consumers and businesses while protecting ourselves from any risks this technology may bring.”
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