Tag: Cash App

Technology built the cashless society. Advances are helping the homeless get ahead now
10Dec By adminNo Comments
Technology

Technology built the cashless society. Advances are helping the homeless get ahead now

[ad_1] John Littlejohn remembers the days when lots of people had a couple of dollars to spare to buy a copy of Street Sense, the local paper that covers issues related to the homeless and employs unhoused individuals as its vendors.Today, he's finding fewer people are walking around with spare change. Even well-meaning individuals who want to help are likely to pat their pockets and apologize, he said. “I would be out here for six or seven hours and wouldn't get more than $12 to $15,” said Littlejohn, 62, who was homeless for 13 years. “People are like, ‘I don't leave the house with cash.'” But just as technological shifts helped create the problem, further advances are now helping charitable groups and advocates for the unhoused reach those most in danger of being left behind in a cas...
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Meta, Apple At Risk of Increased Regulation of Digital Wallets
8Nov By adminNo Comments
Technology

Meta, Apple At Risk of Increased Regulation of Digital Wallets

[ad_1] Meta Platforms Inc., Apple Inc., Alphabet Inc. and other companies that offer digital wallets and payment apps would fall under US Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.Companies handling more than 5 million transactions per year would be regulated like banks, credit unions, and other financial institutions already under the CFPB's supervision, the agency said in a statement Tuesday. CFPB examiners would be able to monitor payment apps for compliance with federal money-transfer laws, as well as for unfair, deceptive, or abusive conduct, should the rule be finalized. The agency can already step in if nonbanks act unlawfully, but it can't regularly supervise their operations under c...
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US regulators warn public not to keep money in PayPal, Venmo and other payment apps; here is why
5Jun By adminNo Comments
Technology

US regulators warn public not to keep money in PayPal, Venmo and other payment apps; here is why

[ad_1] It is an undeniable fact that digital wallets and mobile payment services such as PayPal, Venmo, and others have changed how people transact financially on a daily basis. Credit and debit cards were said to be the technologies that declined cash transactions and now digital wallets are slowly replacing bank cards, as their popularity continues to grow. According to reports, the total transaction volume across mobile payment services in 2022 crossed $1 trillion for the first time and closed at $1.1 trillion. However, US regulators are now warning their citizens to not store large amounts of money in these apps or replace banks and credit unions with them because they do not offer security on users' money.According to a report by CNN, the Consumer Financial Protection Bureau (CFPB)...
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Bob Lee, Cash App founder and MobileCoin exec, slain at 43
6Apr By adminNo Comments
Technology

Bob Lee, Cash App founder and MobileCoin exec, slain at 43

[ad_1] Bob Lee, a technology executive who created Cash App and was currently chief product officer of MobileCoin, was fatally stabbed in San Francisco early Tuesday, according to the cryptocurrency platform and police.The San Francisco Police Department said in a press release that officers responded to a report of a stabbing on Main Street at 2:35 a.m. Tuesday and found a 43-year-old man suffering from apparent stab wounds. The victim died at a hospital. Police did not identify the victim but MobileCoin confirmed Lee's death in response to an email from The Associated Press on Wednesday. “Our dear friend and colleague, Bob Lee passed away yesterday at the age of 43, survived by a loving family and collection of close friends and collaborators,” MobileCoin CEO Josh Goldbard said in a s...
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