Kimberly Palmer: What college students need to know about payment apps

By KIMBERLY PALMER of NerdWallet

Peer-to-peer payment apps make sending money to friends easier than ever for college students, but the convenience can leave them vulnerable to errors, fraud and overspending. Financial experts suggest guarding against scammers by being wary of payment requests and carefully checking all recipients. They also recommend strengthening privacy settings on the app to keep payments private. People who use the apps should also consider transferring their balance out of payment app accounts regularly to earn a return on their money and ensure FDIC protection. Finally, experts suggest making sure payment app users take time to budget and consider using the apps to help track spending.