Expected to be launched in the second half of 2023, the wallet would be operated by bank-owned fintech Early Warning Services (EWS), which runs money transfer app Zelle.
The wallet, which links with debit and credit cards to help users check out at online retailers, will operate separately from Zelle.
The tech giant, in partnership with the investment bank, has already forayed into the BNPL space, and is also offering a credit card.
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Besides, in February 2022, Apple said that it will offer the Tap to Pay feature on iPhones to help US-based businesses accept contactless payments.
Plans are on to include other card networks at a later stage.
In a blog post, EWS said that James Anderson will serve as the managing director of the new wallet, whose name has not been decided yet.
He said: “We hear from consumers that they want to utilise online payments from their trusted financial institutions.
“Early Warning is working closely with financial institutions to build a wallet that provides consumers a secure and easy way to pay. The wallet will also aim to deliver better business outcomes for merchants – including higher transaction approval rates and more completed sales.”