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TechnologyMajor US Banks Develop Digital Wallet to Compete with PayPal and Apple...

Major US Banks Develop Digital Wallet to Compete with PayPal and Apple Pay

A coalition of leading American banks is forming with the goal of introducing a new digital wallet service that the general public may use for both online and offline transactions. The intention is to compete with well-known services already offered by big tech firms like Apple Pay, Google Pay, and PayPal.

Although the new digital wallet has not yet been given a name, it will be run by Early Warning Services LLC, a company that these seven banks jointly own.

New Digital Wallet from Massive US Bank Companies

The Wall Street Journal reported that the large US bank corporations are working on a new project to introduce a digital wallet that will compete with those from big tech. The story states that the banks want the service to be separate from Zelle, a well-known digital payment network that focuses on transfers, even though the service would be provided by EWS.
Bank of America, Capital One, JPMorgan Chase, PNC, Truist Financial, U.S. Bank, and Wells Fargo are among the financial institutions that hold EWS.

These are the same businesses that want to promote the EWS’s new digital wallet, which might successfully compete with the massively popular services.

Top US banks don’t want to “lose control of their consumer relations,” according to the WSJ.

Competing with Apple, Google, PayPal

While the Wall Street Journal does not mention Google Pay, 9to5 Google claims that the new digital wallet service from EWS would compete with services like Apple Pay and PayPal.

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However, given the widespread use of Android smartphones and the prominence of Google Pay in their payment and money transfer systems, Google is also a significant player in the digital wallet market.

Digital Wallets from Big Tech

The era of digital wallets is here, and examining various transactions will demonstrate that it is in fact one of the most popular platforms globally. The tap-to-pay option, one of the most well-known features here, is accessible on the top three Big Tech services.

Apple collaborated with Goldman Sachs to create the Apple Card, which is physical plastic, and it also introduced Apple Pay to bring this experience to the Wallet.

However, Google’s approach to Google Pay is focused on a variety of services, such as cashbacks, a connection to Coinbase for cryptocurrency transactions, and more.
Then there is PayPal, a well-known fintech business that Elon Musk co-founded and which began as an online service in 1998.

These three main companies in the field of digital wallets are joined by numerous other fintech firms that focus on alternative payment systems to the conventional ones. Huge US banks want to get in on the action and provide a service that EWS already provides.

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