Banks teaming up to launch digital wallet to compete with PayPal, WSJ reports

Big banks including Wells Fargo (WFC), JPMorgan (JPM), and BofA (BAC) are teaming up to launch a digital wallet that will be linked with customers’ debit and credit cards, The Wall Street Journal’s AnnaMaria Andriotis reports. The digital wallet, which will compete with PayPal (PYPL) and Apple Pay (AAPL), will be managed by Early Warning Services LLC, the bank-owned company that operates money-transfer service Zelle and will operate separately from Zelle. EWS’s owners also include Capital One (COF), Truist (TFC), PNC (PNC) and U.S. Bancorp (USB). Reference Link