Google Wallet Balances to Be FDIC-Insured

Balances held in Google Wallet — the mobile payment service offered by the California tech giant — will now be protected by federal deposit insurance, according to press reports this week. Google Wallet balances will now be held in accounts at multiple FDIC-insured banks, a Google spokesman told Yahoo Finance.

Google Wallet’s terms of service have yet to be updated to reflect this shift. Other mobile wallet providers, such as Paypal and Venmo, do not offer FDIC insurance for balances held in customer accounts, according to Yahoo Finance.