Money Stored in Venmo, Other Payment Apps May Not Be ‘Safe’ in Event of Financial Crisis, Gov Warns
Payment apps like Venmo and Cash App have made it easy to make payments to friends, family, and businesses. However, the platforms may lack financial stability in the event of a crisis, the Consumer Financial Protection Bureau (CFPB) warned on Thursday. “Popular digital payment apps are increasingly used as substitutes for a traditional bank or…