Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co. 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, EWS said.
One goal of the new service is to compete with third-party wallet
operators such as PayPal Holdings Inc. and Apple Inc.’s Apple Pay,
according to people familiar with the matter. Banks are worried
about losing control of their customer relationships.