In addition to the wide range of benefits provided by digital wallets, PSR and FCA are also looking for feedback from the industry on how digital wallets can further improve and which payment-related aspects are not currently functioning well.
At the same time, the regulators aim to understand the role of digital wallets in unlocking the potential of A2A payments. Other aspects of the conversation also include the potential consumer protection or market integrity issues, and if digital wallets could be a direct competitor to A2A payments. Moreover, it is of interest how the placement of digital wallets during the checkout process affects the customers’ choice for a particular payment method.
All relevant feedback received will be further used for updates provided by the regulators by Q1 2025.
As digital wallets become a preferred payment method throughout the globe, the UK regulators are looking to identify the trend present in the country as well but also raise awareness about the potential risks associated with them.
Officials from both the PSR and FCA claim that the information gathered will further help them to understand whether digital wallets can raise a significant competition against other payment methods or could affect market integrity and consumer protection.
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