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by John W. Simek, Vice President of Sensei Enterprises, Inc.

Google Wallet Now FDIC Insured

April 23, 2015

Move over Apple Pay. The battle for your mobile payment dollars just got a lot more interesting. According to Yahoo Finance, Google Wallet scored a major victory for users. Funds left in Google Wallet are now insured by the FDIC (Federal Deposit Insurance Corporation). Other mobile payment apps like Venmo and PayPal are not insured. The current terms of service for Google Wallet state that the funds are not FDIC insured, but a Google spokesperson said that the policy has changed. Google will hold Wallet funds in multiple banking institutions that are FDIC insured, thereby providing protection for the user’s money. No other details are available nor do we know when Google will update its user agreement for Wallet.

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