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Brief
On 22/02/2024, a joint feedback statement from the FCA and PSR was issued regarding digital wallets. The use of digital wallets has grown significantly, with card transactions using a digital wallet increasing from 8% in 2019 to 29% in 2023, bringing benefits to consumers through greater convenience and security measures. However, concerns were raised about competition among digital wallet providers, and the FCA and PSR have shared their findings with the Competition and Markets Authority (CMA) to ensure a future-proof regulatory framework.
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