Google has moved to give users of its Wallet mobile payments service more security by ensuring that their funds are now FDIC-insured, according to Yahoo Finance.
The move, confirmed by Google, means that people who keep money in their Wallet balances will be protected - to the tune of up to $250,000 - if anything happens to the Web giant.
Other non-bank payment services that let customers store funds, such as PayPal and Venmo, do not offer FDIC insurance.
According to Yahoo, the Consumer Financial Protection Bureau is planning to tighten its rules on the subject, requiring firms to at least inform their users that they are not FDIC-insured.