Now that search engine giant Google has received Federal Deposit Insurance Company (FDIC) backing for its mobile payments app Google Wallet, according to a Yahoo Finance report, cash stashed with the Google platform – which allows users to pay for in-store or online retail purchases or transfer funds via an Android phone – will be insured up to $250,000.

Image source: Google Images

Should Google go bust, consumers' funds are protected, as if held by a banking institution.

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