Connor Tomasko, a freelance software consultant, emphasizes the risks of keeping money in payment apps, urging friends to transfer funds for better financial management.
CFPB Director Rohit Chopra warns that funds in payment apps like Venmo and Cash App lack traditional banking protections, pointing out the growing consumer reliance on these platforms.
With transaction volume on digital payment apps projected to reach $1.6 trillion by 2027, the appeal of their convenience is evident among younger consumers.
Over three-quarters of US adults have used payment apps, with 85% of users aged 18 to 29 opting for services like PayPal or Venmo due to their accessibility.
Collection
[
|
...
]