Wells Fargo, Bank of America, JPMorgan Chase and four other banks are working on a new product that will allow shoppers to pay at merchants’ online checkout with a wallet that will be linked to their debit and credit cards. The digital wallet will be managed by Early Warning Services LLC, the bank-owned company that operates money-transfer service Zelle. The wallet, which doesn’t have a name yet, will operate separately from Zelle.
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Banks plan payment wallet to compete with PayPal, Apple Pay
The wallet is being designed to roll out with cards since that is how U.S. consumers are used to shopping. The banks figured it would increase the odds that more people would use the wallet.
