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Read on to find the most popular apps you can use in the US to pay for goods and services, request contactless payment and send money to friends and relatives. For more, learn the difference between Google Wallet and Google Pay, see how payment services are simplifying crypto and discover the best "buy now, pay later" apps.

Government regulators said Thursday that people who keep cash with payment tools like Cash App, PayPal and Venmo are at risk of losing their money in a crisis because the funds are not protected by federal deposit insurance.

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"Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that funds are safe," CFPB Director Rohit Chopra said in a statement.

Some payment apps claim to offer what is known as "pass-through insurance" on customer funds through an arrangement with a bank or credit union. Yet while that coverage offers protection if a lender fails, it doesn't insure the customer if the app fails, the agency said.

Millions of Americans have adopted payment apps as a convenient way to buy goods and services, make payments, and transfer and store funds. Roughly 85% of consumers aged 18 to 29 have used the apps, while last year consumers conducted $893 billion worth of business using the services, according to the CFPB. Venmo has more than 90 million customers and recently announced it was going to allow parents to create accounts for their teenage children.

"When users of these digital apps receive payments, the funds are not usually swept automatically to the recipient's linked bank or credit union account," the agency said. "Instead, companies hold and invest the funds. These activities are not typically subjected to the same oversight that an insured bank or credit union faces."

3 PayPal Transfers require a PayPal Balance account and a personalized card, which arrives within 10 business days after activation of your instant-issue card. If you do not already have a PayPal Balance account you will link to this Card, visit www.paypal.com to get one, or you may get one when you activate this card online. PayPal Balance account required for certain features, but not to have the PayPal Prepaid Card. Transfers may not exceed $300 per day/$2,000 per rolling 30 days and are limited to the funds available in your PayPal Balance account. Transfers may only be made in the name of a valid PayPal Prepaid Mastercard Cardholder. Only one (1) PayPal Prepaid Mastercard may be linked to one (1) PayPal Balance account. PayPal Transfers cannot be reversed or canceled. The Bancorp Bank and Mastercard are not affiliated with, and neither endorses nor sponsors the PayPal.com online account to which various funding sources, including a PayPal Prepaid Card, may be linked.

7 A cardholder may receive an unlimited number of Refer-a-Friend rewards while program is available. No reward credited to either party if referred individual had another Netspend managed card that was used for a value load, purchase, cash withdrawal, or incurred a balance inquiry fee at any time during the 180 calendar days before the day the $40 load requirement is fully met. Only cash reloads and direct deposits count towards the minimum load requirement. Allow 2 business days for $20 credit to appear on each Card Account. If a cardholder accrues $600 or more in Refer-a-Friend rewards in a calendar year, Netspend will mail cardholder an IRS Form 1099-MISC reflecting the total Refer-a-Friend rewards for such calendar year. Cardholder acknowledges that by referring a friend through this program, cardholder is releasing non-public information. Referred person acknowledges that payment of the referral may result in the cardholder's knowledge of referred person establishing a Card Account with us. The Bancorp Bank is not affiliated in any way with the Refer-a-Friend rewards program and does not endorse or sponsor this program.

Blackout Bingo is one of my favorite apps because it has all the charm of old-school Bingo. But this popular app offers an exciting modern twist: the ability to play head-to-head with other players in a bid for cash prizes.

Once you download the app and create an account, you can start joining multi-player tournaments. Solitaire Smash lets you play for cash or virtual gems, and the game is the same regardless of which options you choose.

You can securely cash out on your winnings with PayPal and Apple Pay. Cash tournaments are available in every state but the following: Arizona, Arkansas, Iowa, Louisiana, Maryland, South Carolina, South Dakota, and Vermont.

Within the app, you can play free (practice games) or enter Pro League competition games for a shot at a cash prize. With either style of gameplay, all players have the same starting board and deck of cards to ensure fairness. Earn points for speed, accuracy, and each card you clear into its home cell. The player with the most points wins.

Earn units for each game you download, your total minutes of gameplay, and any in-app purchases that you make. Cash out via PayPal once you reach at least $10 in earnings. With alternate payout methods, you may be able to cash out sooner.

Additionally, Drop has its own small (growing) selection of apps that you can play to earn rewards, like Mahjong, card, or puzzle games. You can earn $5 to $15 (or more) for downloading featured game apps and playing until you reach a certain level.

appKarma is a free rewards app that pays you PayPal cash and gift cards for completing various online tasks like installing new apps, watching videos, earning scratch cards, completing in-app offers, or earning location rewards.

Since 2002, Quick Rewards has paid out $7 million in rewards to its users. Redeem your earnings for PayPal cash or gift cards to over 50 popular retailers, including Amazon, Gamestop, Disney, or Home Depot.

SwagBucks is one of the top known money making apps that actually pays users through PayPal. They have endless surveys to take and you can also earn money by playing games, shopping online, weekly contests and more.

FILE - The Venmo app is displayed on an iPad on March 20, 2018, in Baltimore. Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps because their funds might not be safe during a financial crisis, the Consumer Financial Protection Bureau warned on Thursday, June 1, 2023. (AP Photo/Patrick Semansky, File)

FILE - The PayPal logo hangs displayed outside their company headquarters on March 10, 2015, in San Jose, Calif. Customers of PayPal, Venmo and CashApp should not store their money for the long term with these apps because their funds might not be safe during a financial crisis, the Consumer Financial Protection Bureau warned on Thursday, June 1, 2023. (AP Photo/Jeff Chiu, File)

The Federal Deposit Insurance Corporation insures bank accounts up to $250,000. But money stored in Venmo or CashApp or Apple Cash is not being held in a traditional bank account. So, if there is an event similar to a bank run with those payment apps, those funds may not be protected.

Peer-to-Peer payment apps and non-banks offering bank-like services have exploded in popularity in the last decade. Venmo now has more than 90 million customers and recently announced it was going to allow parents to create accounts for their teenage children, potentially bringing in tens of millions of new customers for the app.

That's the official view of a federal government agency that is warning users of popular payment apps like Venmo, PayPal, Cash App, and more that they should avoid keeping large amounts of money on the app because it could be at risk.

Considering they are just apps and not federally regulated banks, deposits held in payments apps may not be federally insured like they are in a normal bank, the Consumer Financial Protection Bureau said in a report and a consumer advisory published Thursday.

While the apps are massively popular, with a 2022 survey finding about 76% of Americans, and a staggering 85% of people aged 18-29, have used a payment app at least once, the CFPB warned that too many Americans are stashing money in them.

The apps saw a collective $893 billion in transactions last year, per the CFPB's report. That's expected to nearly double to $1.6 trillion by 2027. Given the massive amounts of money passing through the apps, the CFPB said the lack of federal regulation and oversight on the apps comparable to what banks have to face is concerning.

The CFPB also found that user agreements for the payment apps often contain little to no information about whether a user's money can be insured in a given app, or whether their money may be used for other investments or purposes within the company while it is held in the app. ff782bc1db