Big Digital Payment Providers To Be Regulated By BoE In 2022

By Najiyya Budaly (October 12, 2021, 3:04 PM BST) -- Large digital payment companies, such as Apple Pay and Amazon Pay, will be regulated by the Bank of England in the first half of 2022 as Britain looks to bring innovations in the sector under appropriate supervision, the government has said.

HM Treasury said in a report published Monday that it will carry out consultation on bringing digital payment companies that it deems to be systemically important within Bank of England regulation at the start of next year.

Innovative payment providers include PayPal, Apple Pay and Google Pay. The technology helps to build a bridge between customers and financial institutions, but...

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