Seven major banks to collaborate on digital wallets, compete with Apple Pay, PayPal: report
Bank of America, JP Morgan and Wells Fargo could be among seven major global banks that could soon team up to launch digital wallets as digital assets have begun to be adopted in other regions. each other in the world. The aim behind this potential initiative is to compete with other payment platforms like Apple Pay and PayPal. Wells Fargo, Truist, Capital One, PNC Bank and US Bank are among other lenders believed to be lined up to join the project.
All of the named banks share a digital payment network called Zelle. According to a report by Bitcoin.com, the digital wallet will operate separately from Zelle.
Zelle itself, managed by the fintech company’s early warning system (EWS) provides risk management solutions for financial companies. EWS will also be tasked with management digital walletonce it launches.
The banks involved in this project are looking to prevent the loss of customers who are used to instant online payment services and digital wallets.
Last year, a report cited figures from Juniper Research has estimated that the number of digital wallet users worldwide will surpass 5.2 million by 2026.
Industry competitors such as Pay for applecrypto-friendly PayPaland Google pays was established in recent years.
At the moment, it is not clear whether this unnamed digital wallet will support it electronic money and other virtual digital assets.
Clarity on this topic is expected in the coming months. The wallet could be deployed between July and December 2023, Bitcoin.com reports.
MasterCard and Passportboth have taken some pro-crypto steps recently, which will also be reported to be part of the project.
The participants who joined are also said to be trying to invite other fintech companies to collaborate and add their respective tokens to this wallet.