If we're adding a wallet service within an existing service based app, are there any regulatory issues that we'll run into? Are these apps considered banks?
hey there,
These services are great for online transactions. These technology companies are, normally, self-regulated and self-governed. This can be seen in this link https://squareup.com/us/en/legal/general/ua for Square.
They are tech companies that help transact business. Their security is through their own mechanisms. Banks are FDIC insured.
Hope this helps!
Answered 5 years ago
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