According to reports, seven of the biggest US banks are developing a digital wallet that will compete with products from PayPal Holdings Inc. and Apple Inc.
According to a recent article in The Wall Street Journal, consumers will be able to buy goods using wallets connected to debit and credit cards. The company that currently runs the money transfer service Zelle, Early Warning Services LLC, will be in charge of managing the wallet. Well Fargo & Co., Bank of America Corp., JPMorgan Chase & Co., Capital One Financial Corp., PNC Financial Services Group Inc., US Bancorp, and Truist Financial Corp. are among the banks that support the proposal.
Banks are reportedly concerned about Apple’s expansion into broader financial services, including reportedly working on a savings account with Goldman Sachs Group Inc., even though online payments may be the main driving factor.