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flag UK digital wallet usage for card transactions nearly quadrupled from 2019 to 2023, raising regulatory concerns.

flag Digital wallet usage in the UK has surged, jumping from 8% of card transactions in 2019 to 29% in 2023, according to UK regulators. flag Leading providers Apple Pay and Google Pay offer enhanced security and convenience, but regulators are concerned about competition and market entry for new players. flag They are also reviewing the resilience of the financial system. flag The regulators plan to engage with the Treasury to review payment regulations.

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