Major US Banks Prepare a Mobile Wallet to Compete with Apple
Industry News
January 26, 2023Upd on August 17, 2023
According to the Wall Street Journal, America’s largest banks are collaborating to compete with Apple and PayPal with a digital wallet connected to clients’ debit and credit cards.
As reported by the Journal, Wells Fargo, JPMorgan Chase, and Bank of America are among the seven lenders behind the wallet, which Early Warning Services, the bank-owned enterprise behind the P2P payments provider Zelle, will operate.
With Visa and Mastercard on board, the wallet will launch in the second part of the year with 150 million debit and credit cards accessible for usage.
According to the WSJ, the change is intended to assist banks in competing with third-party firms such as PayPal and Apple. The latter has been heading into the banking sector with its wallet, credit card, and ambitions for a BNPL product.
Milena Moon is the head of media projects in the marketing department of the B2Broker Group. Milena's career began in 2018 as a freelance social media journalist. Since then, she has sought out and written about the latest crypto trends, from news in the sector to educational articles that help newcomers immerse themselves in the crypto industry in the easiest way possible. Milena also has experience and education in the TV industry, which help other B2Broker projects thrive.
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As a hard-working, goal-oriented, and well-rounded person, I always strive to do quality work for every job I do. Faced with challenging tasks in life, I have developed the habit of thinking rationally and creatively to solve problems, which not only helps me develop as a person, but also as a professional.
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Seasoned copywriter with a focused expertise in crypto and fintech, adept at translating complex industry jargon into clear, engaging content. Driven by my mission to illuminate the intricacies of the crypto and fintech industries, my commitment is to create and deliver content that educates, engages, and empowers. I strive to foster understanding, inspire confidence, and catalyze growth in these dynamic sectors, contributing to the forward momentum of our digital financial future.
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