Funds Held In Google Wallet Are Now FDIC Insured

Google will hold Wallet funds in banks with FDIC insurance, meaning that even if the company went belly up, your money would still be safe. Rival platforms such as PayPal and Venmo don’t offer any such insurance, even though they do have fraud protection. A Google spokesperson did confirm that the company will hold Wallet balances in multiple banking institutions that are FDIC-insured, but did not give any additional details.

There are many reasons people don’t store their money in mobile wallets as opposed to bank accounts, one of the prime concerns being safety.
Google Wallet
Addressing that issue, Google will hold Wallet funds in banks with FDIC insurance, meaning that even if the company went belly up, your money would still be safe.
Rival platforms such as PayPal and Venmo don’t offer any such insurance, even though they do have fraud protection.
A Google spokesperson did confirm that the company will hold Wallet balances in multiple banking institutions that are FDIC-insured, but did not give any additional details.

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