The new wallet, which links with debit and credit cards, will operate separately from Zelle. Credit: Blake Wisz on Unsplash

Multiple banking majors including JPMorgan Chase, Bank of America, Wells Fargo have collaborated to introduce a digital wallet for online payments, reported the Wall Street Journal (WSJ).

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The wallet, which links with debit and credit cards to help users check out at online retailers, will operate separately from Zelle.

This move is being touted as an effort to compete with third party wallet operators including PayPal and Apple Pay.

Specifically, Apple Pay, Apple’s mobile payment platform, is said to be a key competitor that has strengthened its financial services foothold in alliance with Goldman Sachs.

The tech giant, in partnership with the investment bank, has already forayed into the BNPL space, and is also offering a credit card.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.

Initially, the new wallet can be used with around 150 million Visa and Mastercard debit and credit cards.

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.”