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UK financial supervisors mull regulation of digital wallets.

Published by CUBE

The UK's Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) are investigating the risks and impacts of digital wallets like Apple Pay, Google Pay, and PayPal. The regulators are concerned that these non-bank entities offer payment services similar to banks but without the same regulatory oversight. They seek to ensure consumer protection, competition, and market integrity. The call for information, open until September 13, 2024, aims to understand digital wallets' influence on payment options and the financial services market. This move follows similar regulatory probes in the US and Australia, reflecting global scrutiny of Big Tech's role in financial services.

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