UK watchdogs probe competitiveness of Big Tech’s digital wallets

As part of a wide-ranging fact-finding exercise debuted on July 15, the Payment Systems Regulator and Financial Conduct Authority have asked industry participants to answer a series of questions about the wallets that range from what fees providers reap when consumers use the technology to what harms could arise if a digital wallet provider suffered an operational failure. — Reuters

UK regulators are probing the competitiveness of digital wallets provided by the likes of Apple Inc, Alphabet Inc’s Google and PayPal Holdings Inc as well as what risks these new technologies bring for the consumers and businesses that rely on them.

As part of a wide-ranging fact-finding exercise debuted on July 15, the Payment Systems Regulator and Financial Conduct Authority have asked industry participants to answer a series of questions about the wallets that range from what fees providers reap when consumers use the technology to what harms could arise if a digital wallet provider suffered an operational failure.