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Wells Fargo, Bank of America, JPMorgan Chase JPM, 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, the bank-owned company that operates money-transfer service Zelle.
One goal of the new service is to compete with third-party wallet operators such as PayPal Holdings Inc. PYPL 0.09%increase; green up pointing triangle and Apple Inc.’s AAPL 1.12%increase; green up pointing triangle Apple Pay, according to people familiar with the matter. Banks are worried about losing control of their customer relationships. Apple, in particular, poses a big threat. The tech giant has moved further into financial services and is working on a savings account with Goldman Sachs Group Inc. GS -0.09%decrease; red down pointing triangle and a buy now, pay later offering. EWS’s owner banks are also trying to cut down on fraud. Customers using their wallet wouldn’t have to type in their card numbers, which can raise the risk of fraud and rejected payments that result in lost sales.
https://www.wsj.com/articles/banks-plan-payment-wallet-to-compete-with-paypal-apple-pay-11674433472
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