Digital wallets Credit Card Resource Center
When consumers hold their phone over the point-of-sale system, the digital wallet conducts the transaction. BitPay is a cryptocurrency debit card that allows you to use your Bitcoin to make payments. First, by default, it automatically notifies a user’s Facebook friends whenever that user receives funds. In effect, it announces to potentially thousands of people, not all of whom are friends, that someone has money. Stealing that money would require little more than the ability to guess the email address and password used on Venmo by a Facebook contact. For older folks, Due appears to be the current app of choice. It describes itself as a, “real time message platform between financial institutions”. It informs banks of a request from one bank customer to send money to another bank customer. When a sender transfers money, the bank informs ClearXchange who passes the request to the recipient’s bank. The bank sends the funds and the recipient is informed. We’ll explore these dangers an...