Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Wu Fei brother's left hand clue delivery! CTOnews.com JPMorgan Chase, Bank of America and other banks are planning to launch a digital wallet that shoppers can use to make online payments, challenging PayPal and Apple Wallet, according to The Wall Street Journal.

Banks including Wells Fargo, JPMorgan Chase and Bank of America are planning to build a new system for online shopping using digital wallets linked to credit and debit cards and intend to launch it in the second half of 2023.

The new digital wallet will be operated by EWS, a US bank-owned company that currently operates Zelle, the largest digital money transfer vehicle in the US. EWS said the new wallet, which has yet to be named, will be separate from Zelle.

Sources who declined to be named said the new wallet was also designed to compete with PayPal and was built to prevent banks from ceding customer relationships to big tech companies such as Apple.

CTOnews.com has learned that EWS plans to initially launch services that support Visa and MasterCard, with a total of about 150 million customers. If the system proves popular, it could be extended to allow direct payments from banks to merchants.

Apple Wallet already has a competitor, Google Wallet. Meta and Samsung are also competitors in this field in theory, but neither has much market appeal. Similarly, a consortium of companies, including JPMorgan Chase, tried to replace Apple Pay with CurrentC, and the competitor ultimately failed.

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