Several of America’s biggest banksBank of America and JPMorgan Chase are joining forces to create their own. digital Payment wallet This can also be used to shop online according to The Wall Street Journal. The plan new wallet It is an answer to increasing consumer usage digital payments — particularly Apple Pay, PayPal, and ones from other tech companies, including Google Pay and Amazon Pay.

At the moment, they are unknown wallet Will be dealt with by Early Warning Services, the company behind The direct money transfer service Zelle — though the two products will reportedly not intersect. EWS is an acronym. bank-owned joint venture Between Capital One, PNC and US Bancorp. Truist, Bank of America and JPMorgan Chase.

The new EWS wallet It might be similar to PayPal. Customers can use their email address during checkout at merchants that support them. EWS connects then, as described. banks To find the right cards for customers

It’s not clear if this still-in-development wallet by EWS will be easier to use in practice compared to the services it’s meant to compete with. Apple Pay allows customers to quickly and easily pay for their purchases using easy-to-use services such as Apple Pay. This service allows them to stack multiple payment cards into one convenient place.

Visa and Mastercard will be available as a launch card at reportedly 00:00. on For the board new walletAnd the other involved banks Customers with current information and an email address linked to their card are eligible to receive credit/debit cards worth 150,000,000.

People who spoke to the JournalLike the digital It could cut down on the cost of wallets made by Apple or other companies. on For fraudulent transactions that result from the manual entry of debit card or credit card number numbers The following information is available: banksIt also keeps their relationships with customers and merchants, and gives them access to valuable information about transactions.

This is where the greatest obstacle lies for banks EWS will be enabling vendors to integrate another checkout service. on Their sites. The big if they succeed. banks and payment networks like Visa could squeeze back some of the cuts tech companies are scraping away from them — especially Apple with its alleged monopoly on tap-to-pay services.