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Bank of America, JP Morgan Chase, and Other Banks are Teaming Up to Make a Digital Wallet to Rival Apple Pay
Bank of America, JP Morgan Chase, Wells Fargo and several other banks are reportedly working on a digital wallet that they hope will compete with Apple Pay, Samsung Pay, PayPal and other services. This digital wallet would be operated by Early Warning Services which is a joint venture between several banks and also runs payment app Zelle.
This new wallet would be launched with Visa and Mastercard already on board. While this does make sense for these banks to do, I believe that it is probably too late. Services like Apple Pay and Samsung Pay are already built into our phones. They also already have a huge amount of users that already know how to use them, and I don’t believe those users are going to jump ship for another app.
Apple has created some banking services, and this is a very real threat to these companies. Not only does Apple have Apple Pay, but they also offer their own branded credit card which is another threat to these banks.
I am surprised that it took these banks this long to try to create their own digital wallet. While I do believe that they waited too long, I was surprised to see Zelle get as many users as it has. Perhaps there is a market for this wallet afterall.
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