Several major U.S. banks are partnering up to launch a new digital wallet that would rival Apple Pay.
Wells Fargo, Bank of America, JPMorgan Chase, Capital One, PNC, U.S. Bancorp, and Truist Financial are developing a new product that would let consumers shop online using their debit and credit cards.
More:
- The banks are behind the money transfer service Zelle, which is managed by Early Warning Services LLC.
- EWS will also manage the yet-to-be-named new digital wallet product.
- Zelle will operate separately from the new product.
- The banks expect to launch with 150 million debit and credit cards active for use in the wallet when it debuts.
- The digital wallet aims to compete with other third-party wallet operators like Apple Pay and PayPal.
- EWS said the digital wallet will launch with Visa and Mastercard debit and credit cards, and it has reached out to Discover to gauge interest.
