According to a report by Wall Street Journal, America’s biggest banks are teaming up to make a digital wallet system that will allow their customers to pay for goods online — without needing to undergo the traditional slog of entering debit and credit card information. Notable names include Wells Fargo, Bank of America, and JPMorgan Chase, in addition to four other banks.
The proposed system would use a secure login that connects directly to your bank, allowing you to pay for transactions using eligible cards, or perhaps with a direct debit from your bank account. All of this is done without exposing your sensitive information to potentially sketchy websites.
WSJ likens it to similar offerings by PayPal and Apple Pay, the former of which is almost universally implemented across many online storefronts. It would be operated by Early Warning Services LLC, the same bank-owned holding company that operates Zelle. VISA and Mastercard holders will be first in line, though it’s said the banks are also in talks with Discover. The first rollouts for this new wallet system should happen at some point in the second half of 2023.
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