senior consultant | financial crime, sanctions, compliance, transaction monitoring, fraud, regulations, risk | I help businesses achieve 100% compliance
The digital payments space is evolving, and with it, our understanding of fin tech's role in our daily lives. 💳 With the PSR and the FCA estimating over half of UK adults now use digital wallets 📲 the regulators have launched a significant inquiry into the impact and scope of digital wallets like Apple Pay, Google Pay and PayPal. Areas of focus will be how to enhance competition among payment systems and the potential market and consumer protection challenges that could emerge as these services expand. I'm particularly interested in how this enquiry might influence the strategic development of account-to-account payments and what it means for the future of consumer choice at checkout. 💻 As the landscape for digital payments evolves 🚀, the diverse functionalities and underlying technologies of digital wallets are drawing significant regulatory attention 🔍. From NFC-enabled transactions at physical shops and on public transport to QR-code-driven peer-to-peer payments, these tools are transforming financial services. The recent decision by the European Commission to mandate Apple to open up NFC technology to competitors is an important step in fostering competition, enhancing consumer choice and spurring innovation across the board. As we anticipate the roll-out of the Digital Markets, Competition and Consumers Act 2024, the collaboration between the FCA, PSR and CMA aims to shape a market where fairness 🤝 and innovation go hand in hand; where digital markets remain robust and equitable. What caught my eye is the regulators’ focus on financial resilience 🔒. While the FCA believes disruptions in digital wallet services would mainly impact individual users, not the wider financial market, the imminent regulation on critical third parties (CTPs) highlights a strong regulatory focus on boosting operational resilience 🛡. Expect the results from their joint consultation with the Bank of England and the PRA any day now (slated for publication in the latter half of this year). As we gear up for the regulators' findings on digital wallets at the start of next year 📅, the evolution of payments calls for a regulatory perspective that is as adaptive and multifaceted as the technologies it oversees. I am keen to see how strategies by the FCA, PSR and CMA will evolve, ensuring that innovation is balanced with integrity, resilience and consumer protection. #DigitalWallets #Fintech #FCA #PSR #Payments
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4moIt's exciting to see the regulators taking a closer look at the impact and scope of digital wallets like Apple Pay, Google Pay and PayPal. I'm curious to see how this inquiry will influence the strategic development of account-to-account payments and what it means for the future of consumer choice at checkout. The recent decision by the European Commission to mandate Apple to open up NFC technology to competitors is a positive step towards fostering competition and enhancing consumer choice. I'm also interested in the regulators' focus on financial resilience and boosting operational resilience through regulation on critical third parties. It will be interesting to see how the strategies by the FCA, PSR and CMA will evolve to balance innovation with integrity, resilience and consumer protection