Tomasko warns that while payment apps offer convenience, they lack deposit insurance like traditional banks. This means funds can be at risk without the same protections.
The growth of digital payment apps poses a challenge for financial safety, with many users unaware of the lack of protections that come with these services.
Consumer Financial Protection Bureau Director Rohit Chopra emphasizes that as transaction volumes soar, ensuring the safety of funds is critical with rising usage of payment apps.
As younger generations gravitate towards payment apps, it's important to balance convenience with financial literacy, especially regarding the potential risks of using these services.
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