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UK Regulators Step Back as CMA Investigates Big Tech’s Mobile Wallet Dominance

Summary by thefinancialanalyst.net
Amid growing industry concerns about the dominance of Big Tech in the provision of digital wallets, UK financial regulators have announced they will take a back seat and support the country’s Competition and Markets Authority (CMA) in its broader investigations into Apple and Google’s mobile ecosystems. This decision comes as the CMA has already initiated probes into whether Apple and Google hold… Source
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thefinancialanalyst.netthefinancialanalyst.net

UK Regulators Step Back as CMA Investigates Big Tech’s Mobile Wallet Dominance

Amid growing industry concerns about the dominance of Big Tech in the provision of digital wallets, UK financial regulators have announced they will take a back seat and support the country’s Competition and Markets Authority (CMA) in its broader investigations into Apple and Google’s mobile ecosystems. This decision comes as the CMA has already initiated probes into whether Apple and Google hold… Source

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Financial services: Regulation tomorrowFinancial services: Regulation tomorrow

FCA and PSR publish feedback statement on big tech and digital wallets

On 19 February 2025, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) published a feedback statement, FS25/1, on big tech and digital wallets. Background The FCA and PSR published a call for information in July 2024 on the benefits and risks that digital wallets bring to people and businesses. This was part of the regulators’ work to assess the potential impact of the growth of digital wallets, in light of their incr…

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international-adviser.cominternational-adviser.com

FCA and PSR probe usage and impact of digital wallets

The UK’s Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have issued a joint feedback statement to assess the usage and impact of digital wallets. In a statement today (19 February) the two regulators said the use of digital wallets had rapidly grown in recent years with the proportion of card transactions using a digital wallet increasing significantly from 8% in 2019 to 29% in 2023. Given the growth, the FCA and PSR engag…

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international-adviser.com broke the news in on Wednesday, February 19, 2025.
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