Recommendation 7

While some consumers may be content to share their personal data with payment interface providers in exchange for digital pound wallet services, there is a risk that consumers do not fully understand how their data could be used, or the implications of doing so. It is vital that it is transparent to users how their data would be collected and used. There must also be clear, usable opt-outs for those that do not wish their data to be collected and used for commercial purposes. To ensure the appropriate 18 The digital pound: still a solution in search of a problem? safeguards are in place, it is vital that wallet providers are robustly regulated from both a prudential and conduct perspective, with strong penalties for those that misuse customers’ data.