More and more people are using payment apps to send and receive money. As use has grown in recent years, the Consumer Finance Protection Bureau and Consumer Reports have issued guidance on best practices to avoid pitfalls consumers may not expect.
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As use of payment apps has grown in recent years, the Consumer Finance Protection Bureau has issued guidance on best practices to avoid pitfalls. For example, funds stored on Venmo or Cash App typicallyJPMorgan sets aside more money for potential bad loans but says consumers are on ‘solid footing’South Korea’s central bank cuts rates in a bid to boost the economy
“The apps are popular because you don’t have to give your personal information, like a phone number, if you just got drinks with someone once but you’re never going to see them again — a date that didn’t go well,” Tomasko said. “I get the benefits in that sense — to be able to send money that way.”“It may be tempting to leave money sitting in peer-to-peer lending accounts so that you’re ready to pay your friends when they request money to cover your portion of a dinner bill...
Still, the CFPB has found that funds stored in a payment app “may be at significantly higher risk of loss for a consumer than if it is deposited in an insured bank or credit union account.”
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