Seven Major US Banks Launch Digital Wallet to Challenge PayPal, Apple
Seven major US banks, through their consortium Early Warning Services (EWS), are set to launch a digital wallet for online shopping later this year. The move, reported by The Wall Street Journal, aims to challenge established payment players like PayPal and Apple.
The new wallet, managed by EWS, will initially support Visa and Mastercard cards, with direct bank account payments planned for the future. It will operate independently from Zelle, another EWS service. Bernstein analyst Harshita Rawat believes it may take time for the new wallet to become a serious competitor.
Last year, EWS considered integrating Zelle for online purchases but abandoned the plan due to lawmaker concerns over disputed transactions. The banks hope to attract consumers and merchants based on adoption rates, potentially adding other payment options.
The digital wallet is expected to launch in the second half of the year, posing a challenge to third-party wallet operators. While Apple expands into financial services, the nation's largest banks aim to compete using this new offering, managed by EWS.
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