In an increasingly cashless society, digital wallets have become more and more integrated into everyday life. No need to squabble over splitting a check—Google Wallet, PayPal, or Venmo apps allow you to instantly reimburse the lucky person footing the bill. However, until recently, you could lose any money held in these accounts in the event the institution went bankrupt or failed in any other way. Google Wallet has now taken steps to prevent this loss. In the unlikely event that Google goes under, funds held in Google Wallet are insured by the Federal Deposit Insurance Corporation (FDIC) and redeemable. The FDIC is the same company used by banks to insure the money in their care. Google Wallet is the only digital wallet system to ensure protection by the FDIC.
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