Undoubtedly, digital wallets and mobile payment services like PayPal and Venmo have revolutionized daily financial transactions. While credit and debit cards were once thought to be the technology that would replace cash, digital wallets are now gaining popularity and slowly replacing bank cards. In 2022, the total transaction volume across mobile payment services exceeded $1 trillion for the first time, reaching $1.1 trillion. However, US regulators are cautioning citizens against storing large sums of money in these apps or replacing banks and credit unions with them due to the lack…

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