Saleh ALhammad’s Post

UK Regulators 🇬🇧 seeking feedback on big tech digital #wallets Payment Systems Regulator and Financial Conduct Authority are seeking views on the benefits and risks digital wallets brings to people and businesses, the use of digital wallets has grown rapidly in the last few years and it’s likely that more than half of the UK adults now use one. Apple Pay, Google Pay, & PayPal begin the most widely used digital wallets in the UK now, digital wallets have become an increasingly important touch point between Big Tech and #UK consumers. The regulators are keen to understand the impact on the consumers & businesses that digital wallets’ include: ⭕️ The range of benefits that digital wallets bring for services users. ⭕️ Whether there are any features that mean payment don’t work as well as they suppose for consumers/businesses. ⭕️ Their role in unlocking the potential of account-to-account payments and how could impact competition between payment systems. ⭕️ Whether digital wallets could raise any significant competition, consumer protection or market integrity issues, either now or in the future. #fintech #digitalwallet #payments Source: FCA.

UK Regulators 🇬🇧 seeking feedback on big tech digital #wallets Payment Systems Regulator and Financial Conduct Authority are seeking views on the benefits and risks digital wallets brings to people and businesses, the use of digital wallets has grown rapidly in the last few years and it’s likely that more than half of the UK adults now use one. Apple Pay, Google Pay, & PayPal begin the most widely used digital wallets in the UK now, digital wallets have become an increasingly important touch point between Big Tech and UK consumers. The regulators are keen to understand the impact on the consumers & businesses that digital wallets’ include: ⭕️ The range of benefits that digital wallets bring for services users. ⭕️ Whether there are any features that mean payment don’t work as well as they suppose for consumers/businesses. ⭕️ Their role in unlocking the potential of account-to-account payments and how could impact competition between payment systems. ⭕️ Whether digital wallets could raise any significant competition, consumer protection or market integrity issues, either now or in the future. #fintech #digitalwallet #payments Source: FCA.

At the end of the day… it’s all about choice for consumers. Most would choose to pay with their phone over digging around in their pocket for a card or not being able to pay where they have left their wallet/purse at home. It’s really simple for me… consumers demand ease and choice so digital wallets will prevail! #digitalwallets #payments #digitalpayments #fintech

🔍British regulators to look into digital 💳wallets of Big Tech! British regulators said they will examine the rapidly increasing use of digital wallets, which are used by multiple Big Tech firms, including concerns on competition, consumer protection or market integrity. The Financial Conduct Authority and #Payments #Systems Regulator said they are seeking views on the benefits and risks digital wallets bring to people and 💼businesses. The regulators will look into the impact of these digital 💳wallets, such as Apple Pay, Google Pay and PayPal. "Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too," PSR’s managing director David Geale said, The regulators will examine all the responses and provide an update by the first quarter of next year. #Regulation #BigTech #DigitalWallets #Fintech https://lnkd.in/gdqAhg4e

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

Using digital wallets to pay is quickly becoming the norm. According to a report by WorldPay, digital wallets made up $13.9 trillion in global transaction value in 2023. That number is forecasted to nearly double to $25 trillion by 2027, indicating that the time when digital wallets become the primary payment method is not far off. Are you utilizing digital wallets yet? It may be time to consider incorporating this convenient payment method into your financial routine. #digitalwallets #paymentmethods #finance #WorldPay

🚀 The mobile payments wave is here, and if you're not riding it, you're missing out! Dive into the $8.26 trillion growth explosion, explore how mobile wallets are reshaping global commerce, and learn why your business needs to keep up with this seemingly unstoppable trend. Whether you're a developer dealing with compatibility headaches or a business leader navigating security risks and regulations, this article has you covered. #MobilePayments #GlobalCommerce #BusinessTrends 📱💳

The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are seeking insights on the impact of digital wallets in the UK. With over half of UK adults using digital wallets like Apple Pay and Google Pay, understanding their benefits and risks is crucial. Read more: https://bit.ly/4bTNKJg #DigitalWallets #PSR #FCA

Mobile wallets are undoubtedly moving digital payments forward, but are the changes coming fast enough? 📲 Steering Committee Chair Keri Crane and longtime member Rodman Reef share their thoughts in this article for American Banker. 👇

This week, we look at where payments are growing, with a focus on growth in both U.S. realtime payments networks. We also dive into the Federal Reserve’s 2023 Diary of Consumer Payment Choice, highlighting the continued dominance of credit cards and the stabilization of cash usage. Additionally, we cover Apple’s concessions in the EU Tap-to-Pay dispute, link to an article on the business of digital wallets, and check in on China's guidelines on optimized payment services for foreigners. Read the full post with links at>> https://lnkd.in/dSuGZEhF FinTech Rising is published by Canright Communications − content that connects: https://lnkd.in/dnuNB3Jh #fintech #payments #fasterpayments #realtimepayments #mobilepayments #digitalwallets #applepay #chinapayments