A report by the FCA and PSR highlights that digital wallet payments in the UK have surged, with their usage jumping from 8% in 2019 to 29% in 2023. While this growth offers consumers convenience through mobile payment options, it also raises concerns about the resilience of the financial system, particularly following recent technological failures from banks. Regulators emphasize the importance of fostering competition among digital wallet providers to enhance innovation and consumer choice, while being mindful of potential operational risks as reliance on these technologies increases.
In the UK, the market for digital wallets has grown significantly, with card transactions using digital wallets rising to 29% in 2023 compared to 8% in 2019.
Regulators highlighted concerns about the operational resilience of digital wallets, as outages from major banks raise risks for consumers relying on this technology for daily transactions.
The FCA and PSR noted the need for competition in the digital wallet sector to enhance innovation, consumer choice, and ensure the resilience of the financial system.
Feedback from businesses suggests significant growth prospects for digital wallets, yet emphasizes the importance of addressing risks associated with technology dependence in payments.
Collection
[
|
...
]