2023-06-06 11:40:51 ET
The advent of digital payment apps has changed the face of traditional finance. Once the domain of cash, checks, and credit and debit cards, a growing number of consumers are foregoing legacy payment methods in favor of these newer, digital counterparts.
In fact, many digital payment apps have evolved, becoming all-purpose financial technology (fintech) applications -- also called digital wallets -- which people use to store credit card information, process transactions, track payments, and even park cash, all from the convenience of your smartphone or other mobile devices.
However, a federal regulator is now warning consumers they should avoid storing cash in popular mobile wallets including PayPal (NASDAQ: PYPL) , Venmo, or Block 's (NYSE: SQ) Square Cash app, because those funds could ultimately be at risk. Here's why.
For further details see:
Warning: Don't Store Cash in PayPal, Venmo, or Square's Cash App. Here's Why