Many U.S. Banks Plan to Launch New Digital Wallet in 2023
The new wallet could be similar to PayPal
Several of America’s biggest banks, including Bank of America and JP Morgan Chase, are joining forces to launch their own digital payment wallet according to The Wall Street Journal. This new product will allow consumers to make online purchases tied to their credit cards in the hopes of competing with top apps like Apple Pay, Google Pay and PayPal.
How Will the New Wallet Work?
The currently nameless wallet will be handled by Early Warning Services (EWS), the company behind the direct money transfer service Zelle – though the two products will reportedly not intersect. The new wallet is expected to arrive in the second half of the year.
The new EWS wallet might work similarly to PayPal, where customers can provide an email address associated with their account during the checkout process at the supported merchants. EWS then connects the banks to find eligible cards for the customers.
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