There is no doubt that, as consumer demand for more seamless, quicker and more convenient ways to pay expands (coupled with technological developments) digital wallets have become a mainstream payment method for many people and their adoption and usage is expected to only grow. A quick survey across my friends and colleagues on who still carry their physical wallets when going out (instead of having their mobile phones only) confirms this trend, with most only carrying their phones.
This was never going to go unnoticed by regulators. Their focus on ‘big techs’ in financial services also continues to remain significant, so it’s not really surprising that the PSR and FCA have issued a joint Call for Information on ‘Big tech and digital walletsopens in a new tab’.