Big banks' proposed digital wallet payment system likely to fail
A group of leading banks is partnering with payment service Zelle’s parent company to create their own “digital wallet” connected to consumer credit and debit cards to enable online or retail store payments.
The new payment service, however, must compete with entrenched digital wallets such as Apple Pay and Google Pay that are embedded on mobile devices. It’s also not the first attempt for some in the consortium to create a digital wallet payment service.
The consortium includes Wells Fargo & Co., Bank of America, JPMorgan Chase, and four other financial services companies, according to The Wall Street Journal (WSJ). The digital wallet, which does not yet have a name, is expected to launch in the second half of this year.