Google Wallet just made its digital wallet a little more secure.
According to a Yahoo Finance report, Google has taken the necessary steps to making its mobile payments service FDIC-insured — giving its users a safer way to store their money. While the FDIC insures banking funds up to $250,000, when it comes to money being stored in mobile wallets, it’s a bit less secure because of how they are categorized under financial regulations. Similar to prepaid debit cards, funds on most mobile wallet services aren’t federally insured.
While Google Wallet or other mobile wallet services aren’t typically a place for consumers to store money, as they are primarily used for P2P transfers or payments, Google Wallet does allow its users to keep funds in the digital wallet via its Wallet Balance service. But the security of that service, Google says, is about to change, according to Yahoo’s report.