Bank of America, JP Morgan Chase and Wells Fargo are only some of the names listed by the Wall Street Journal (WSJ). These entities are working on an all-new online shopping system, where users’ credit and debit cards will be directly linked to the digital wallet, in order to ensure a swift spending experience.
This new service is to be run by Early Warning Services (EWS), owner of the currently established Zelle transfer service. The new solution is planned to launch in the second half of this year, and it will be a completely separate product to Zelle itself (possibly because of Zelle’s ties to fraud). And as of now, we don’t have a name revealed for you.
Sources state that the wallet wants to bump heads with PayPal too, as it’s one of the other Big Tech companies that has become a staple for online payments. Safe to say, big banks seem to be jittery in the presence of companies with reliable, competitive products.
How will this Apple Pay competitor work?
This will be most amusing, even if not the only attempt that regular banks have made to usurp Apple Pay — a conglomerate of firms including JP Morgan Chase already made an attempt but failed. This time, more firepower has been supplied and only time will tell if that will be a determining factor.