P2P apps may not be protected by the FDIC

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Federal watchdogs say users risk losing their money if the companies behind those apps fail.
0:50 | 06/02/23

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Transcript for P2P apps may not be protected by the FDIC
- In today's Tech Bytes, a new warning for consumers about your money. If you're storing it in those peer-to-peer payment apps, like Venmo and PayPal, it may not be protected by Federal Deposit Insurance. Federal watchdogs say users risk losing their money if those companies behind those apps fail. Google Wallet will soon let you save passes and membership cards by just taking a picture. The feature will work as long as the item has a QR or bar code. Google will also be able to support digital IDs, just like Apple. Finally, Meta's new virtual reality headset is the Quest 3. It's 40% slimmer than its predecessor and has doubled the processing power. The unveiling came days before Apple is expected to announce its new reality headset. Quest 3 will be out in the fall with a $500 price Tag. VR is such an immersive experience. It really gets your head in the game. Those are your Tech Bytes. Have a great day.

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