According to a study by the Consumer Financial Protection Bureau last year, mobile payment apps such as Cash App, PayPal, and Venmo are very popular, with over three-quarters of American adults using them. Regulatory agencies state that these services, known as person-to-person payment platforms, bring risks to users and the financial system. For example, in recent years, law enforcement officials have cited instances of criminals using payment apps to evade the law, such as laundering stolen COVID-19 relief funds in 2020.
Federal Authorities Investigating Financial Technology Company Block Led by Jack Dorsey