Money stored in a Google Wallet account is now secured by the FDIC, giving Google Wallet the same level of protection as an account at a traditional bank.
Yahoo Finance confirmed that Google recently changed how it handles money with its digital wallet service. These changes now put Google Wallet within FDIC standards, which will protect funds up to $250,000 USD. This means if Google happens to go bankrupt, you won't have to go to court to get $250,000 USD of your money back. PayPal and Venmo, who offer similar services, don't offer this type of protection.
With the support of the FDIC, Google Wallet is gaining steam and starting to stand out from its competitors. You can read more about how Google Wallet allows you to process payments from when IGN reported its launch in 2011.
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