Wells Fargo, Bank of America and JPMorgan are reportedly collaborating on a digital wallet to compete with Apple Pay.
As reported by The Wall Street Journal, the digital wallet would be run by Early Warning Services, a joint venture between several banks that also operates Zelle. According to the report, the major banks involved include Wells Fargo, JPMorgan Chase, and Bank of America.
According to the report, the new wallet would be launched with Visa and Mastercard already on board.
The move could be interpreted as an attempt to slow Apple’s push into consumer banking, despite the fact that the tech giant already offers a branded credit card and is exploring other products for their famously loyal customer base.
