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