Most mobile wallets used in London are issued by FCA-authorised e-money institutions or banks, meaning stored balances are safeguarded in segregated accounts rather than protected as bank deposits. Wallet features like Apple Pay or Google Pay add a card-network layer on top of the underlying provider.
When comparing wallets, check the issuing institution, daily contactless and transfer limits, foreign-transaction fees for use outside the UK, and how quickly support resolves unauthorised transactions. Wallets holding funds as e-money are not covered by the FSCS.
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Use the sourced market guidance above to evaluate providers directly with the national regulator and each provider before opening an account.
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Disclosure: Digital Bank Networks is not a bank. We are an independent comparison platform. Some of the providers on this page are our affiliate partners, and we may receive compensation when you open an account through our links. This does not affect our ratings or rankings, which are based on independent analysis. All information is provided for educational purposes only. Please review each provider's terms and conditions before opening an account.