Raising the Bar on Digital Wallets: How Six Leading Platforms Stack Up on Safety, Privacy, and Financial Well-Being
Raising the Bar on Digital Wallets: How Six Leading Platforms Stack Up on Safety, Privacy, and Financial Well-Being
35 PagesThe Consumer Reports white paper evaluates six major digital wallets—Apple, Google, Samsung, PayPal, Cash App, and Venmo—against principles of safety, privacy, transparency, user-centricity, financial well-being, and inclusivity. Findings show wallets use strong technical protections but vary on fraud monitoring, FDIC coverage, and authentication. Most collect and share more data than necessary, with weak in-app privacy controls. Fees are disclosed during transactions but not prominently at onboarding, while in-app upselling and arbitration clauses raise concerns. Wallets offer basic transaction tracking but lack robust financial health tools. Inclusivity gaps include reliance on SSNs and limited Spanish-language support.
