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Payment apps have come under scrutiny by lawmakers and regulators as their usage skyrockets. It only takes a tap to instantly send money to friends and family. Customers also use them to quickly buy goods online. That ease of use has 80% of Americans using mobile payment apps, according to a recent survey by NerdWallet. What’s more, 50% of those respondents said they use these apps at least once a week. Transaction volume across all payment app service providers in 2022 was estimated at about $893 billion, according to the Consumer Financial Protection Bureau. That agency also estimates tap-to-pay transactions from digital wallets will soar by 150% between now and 2028.
