Consumer Federation of America, the National Consumer Law Center, on behalf of its low-income clients, the National Consumers League and U.S. PIRG submit the following statement for the record in connection with the Taskforce’s hearing on What’s in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments.
This statement focuses on digital wallets such as PayPal’s Friends & Family and Venmo services and Block’s Cash App, and similar person-to-person (P2P) services like Zelle, which is used between bank accounts. We draw attention to two concerns about these services.
See all resources related to: Banking, Payments & Remittances