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E-money and payment service authorizations decline

A hand holding a smartphone with e-commerce Amazon, Shein, Ali Expess, Tokopedia, Lazada, Shopee, Blibli applications displayed on the screen.
Photo: Galeh Kholis Pambudi/Getty Images

FOI shows authorizations fall sharply as Financial Services and Markets Bill targets faster determination times.

Applications and approvals for UK e-money and payment services firms have declined significantly since 2020, highlighting a sustained slowdown in new entrants to the market. This comes as the Financial Services and Markets Bill progresses through Parliament with proposals to reduce authorization timelines from six to four months. 

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