Any money stored in your llet account is now secured by the FDIC, which is the same level of protection you’d have at a traditional bank.

According to a Yahoo report, recently changed how it holds on to money, is now keeping it in one of several FDIC-insured banks while stored in your llet account. This trumps yl, Venmo, other solutions which currently don’t offer this type of protection.

The FDIC protects up to $250,000 of your money stored in a bank. Should something catastrophic happen to that institution, your funds aren’t wiped out. 

ile you don’t need to store money in llet in order to use tap-to-pay with your Android phone, you’re allowed to do so. Typically llet just debits a connected bank account. Apple y works similarly, serving as the digital go-between.

also throws around rewards from time to time, using llet as the depository for your free cash, which may be an incentive for this extra security feature.

However, if you use the physical llet card, you do need to have an account balance for any transaction. ile your money was probably already safe to begin with, this gives llet a nice perk it can use as a selling point over any rivals.

y this matters: After having a head start on mobile payments llet is only now picking up steam, ironically due to wider tap-to-pay usage driven by Apple y. ile Apple doesn’t allow third-party tap-to-pay services on its hardware, has had to battle a variety of rivals. Its biggest competition could still be coming when Samsung rolls out Samsung y on its popular Galaxy S6.