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ARTICLE · 25 JULY 2024

PSR And FCA Launch Joint Inquiry Into Big Tech Digital Wallets

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The UK's PSR and FCA have initiated an inquiry into the impact of big tech digital wallets on payment systems, competition, and consumer data privacy, seeking stakeholder feedback by 13 September 2024.

United KingdomFinance and Banking
John Verwey
John Verwey
Rachel E. Lowe
Rachel E. Lowe
Amar Unadkat
Amar Unadkat
Sulaiman Malik
Sulaiman Malik
Michael Singh
Michael Singh
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On 15 July 2024, the UK's Payments Systems Regulator ("PSR") and the Financial Conduct Authority ("FCA") launched a joint call for information concerning the role and impact of big tech digital wallets (the "Inquiry"). Digital wallets are now used by over half of UK adults, marking a significant shift in the payments landscape.

The Inquiry seeks to gather insights into how digital wallets affect the efficiency and safety of payment systems, competition among payment service providers and overall market dynamics. The regulators aim to understand both the benefits these wallets bring to consumers and merchants, such as convenience and enhanced security features, as well as potential risks like market dominance by a few large players and implications for consumer data privacy. The FCA's regulatory remit means that it has a particular interest in issues such as how digital wallets may impact competition in the supply of financial services and the

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