Digital wallets raise questions about data privacy, says CRS

By Elise Hansen (April 19, 2022, 4:23 p.m. EDT) – Digital wallets – whether for cash or cryptocurrency – raise key questions about cybersecurity, data privacy and consumer protection , the Congressional Research Service said in a report.

The Congressional Research Service on Monday released an overview of digital wallet technology and its uses, as well as major policy issues. Digital wallets are software applications that can be used to facilitate payments. The technology covers transfers from consumer bank accounts to a merchant, peer-to-peer transactions, and cryptocurrency transactions.

Peer-to-peer transactions in particular are a growing area. The CRS report cites research suggesting that peer-to-peer transactions topped $785 billion in 2021 and could…

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