:format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/24380091/IMG_2708.JPG "The big banks that brought you Zelle are building a new digital wallet | The Verge")
As digital payments become increasingly popular, several of America’s biggest banks have decided to join forces and launch their own digital payment wallet. The planned wallet, to be managed by Early Warning Services (EWS), a bank-owned joint venture between Capital One, PNC, US Bancorp, Truist, Bank of America, and JPMorgan Chase, is a response to increased consumer usage of digital payments — particularly Apple Pay, PayPal, and others from tech companies such as Google Pay and Amazon Pay.
The EWS wallet is expected to work similarly to PayPal, where customers can provide an email address associated with their account during the checkout process at supported merchants. EWS will then connect the banks to find eligible cards for the customers.
In addition to providing a convenient, secure way to make online purchases, the EWS wallet might also be a way for banks to better compete with the likes of Apple Pay and PayPal. Many banks already offer their own payment cards, but the EWS wallet would be an additional layer of convenience for customers. It could also help banks to establish better relationships with customers, as they’re offering a competitive service that could potentially save them money.
At the same time, the EWS wallet could create additional opportunities for banks to improve their security and fraud prevention measures. The wallet could provide additional layers of authentication and verification, ensuring that customers’ personal and financial data is secure.
It remains to be seen how the EWS wallet will be received by the public, but it’s clear that it could be a major step forward for banks in their efforts to stay competitive in the digital payments space. It could also provide customers with an easier and more secure way to make online purchases……..
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Rising Dough
How will a new digital wallet that is put together by the major banks compete against the Apple Wallet?
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Banks attempts to make better ways of sending and receiving money digitally. As many different ways that there are a large scale popular company like apple and samsung are just out of their league people love bigger companies that for example have apple pay or samsung pay.
Apple wallet will now have more competition. Some people may prefer having a digital wallet with a big bank, also not everyone uses Apple products so they will go with the banks digital wallet rather than apples wallet.
A new digital wallet put together by major banks would likely face significant competition against the Apple Wallet, as Apple has established a strong brand and a large user base for its digital wallet. However, the new digital wallet could potentially have several advantages that could help it compete