WSJ: ‘Banks Plan Payment Wallet to Compete With PayPal, Apple Pay’

AnnaMaria Andriotis, reporting for The Wall Street Journal (News+, Archive.is):

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.

I bet this endeavor will see similar success as CurrentC. In fact, I suggest they name the product “BanksC”. I’m sure the homonymous artist would love to create a logo for them.

★ Tuesday, 24 January 2023