Tech Report: The risk of storing money on payment apps
According to the Watchdog, people who use peer-to-peer payment apps may be in danger of losing their money. Funds held in apps like Venmo, PayPal, Cash App, or Zelle are not guaranteed for federal deposit insurance protection. This means that if a peer-to-peer payment company were to fail, customers could lose any money left sitting on the platform. The Consumer Financial Protection Bureau says that it will keep monitoring these apps for solutions. Until a solution is found, app users must be proactive in moving their money to insured financial facilities.
Meta has unveiled its Quest 3 VR headset.
It starts at $499 and will focus on mixed reality.
Full details will be released in late September.
The Wall Street Journal reports that some Apple savings account holders are having trouble accessing their money. Some customers told the journal it took weeks to get money from the account. This, despite the initial fanfare during its launch in April. Much of the excitement came from Apple’s interest rates, which were higher than traditional banks.
The tech industry has seen a lot of layoffs this year. Now, 71% of remaining IT employees are left to cope with massive, unsustainable workloads. Document workflow automation platform airSlate says, 91% of these professionals are fed up with their tech stack and want to simplify with automation.