UK regulators to investigate use of digital wallets

UK regulators to crack down on Big Tech firms’ rising use of digital wallets to researchThe Financial Conduct Authority and Payments Systems Regulator wants to know what the impact is of payment systems such as Apple Pay, Google Pay and PayPal.

Digital wallets are now likely to be used by more than half of UK adults and have become “an increasingly important touchpoint” between Big Tech companies and UK consumers.

The US consumer watchdog proposed regulating payments and smartphone wallets last year, but tech companies are not keen on the idea.

The supervisors will issue a report in the first quarter of 2025. This does not necessarily mean that measures will be taken.