- US banks have decided to introduce an electronic wallet that will allow shoppers to pay online without using other online payment services.
- The new move is an attempt by the banks to regain their control over the customer relationship.
- The banks would advance the still unnamed wallet in collaboration with the EWS and issue more than 150 million debit cards and credit cards.
The biggest banks in the United States announced on Tuesday their decision to introduce an electronic wallet with the intention to overpower the mobile payment services applications like Apple (NASDAQ:AAPL) Pay and PayPal (NASDAQ:PYPL).
Significantly, the banks had been losing control over customer relationships as people substantially depended on online payment apps for transactions and other financial activities.
Currently, the major banks including Wells Fargo & Co. (NYSE:WFC), JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), US Bancorp (NYSE:USB) and Truist (TFC), Capital One (COF), and PNC, in collaboration with the Early Warning Services (EWS), the company that holds the Zelle electronic payment services, have stepped forward to compete with the third party payment services.
Notably, the agenda of the innovative idea by the banks is to provide “debit or credit card customers with an easy and secure way to pay while shopping online” and thereby bring back their c ...
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