New York
CNN Business
—
America’s largest banks announced plans Tuesday for an electronic wallet that will take aim at Apple Pay and PayPal.
The banks are working with Early Warning Services, the company that runs their Zelle electronic payment service. The new electronic wallet, which will operate separately from Zelle, would allow people to make purchases online. Right now, Zelle primarily allows transfers of funds between people who know each other.
The digital wallet is an attempt to regain banks’ control of purchases currently being made using Apple Pay and similar services. The new digital wallet is due to launch at an unspecified time later this year.
The seven banks that own EWS are among the nation’s largest: JPMorgan Chase
(JPM), Bank of America
(BAC), Wells Fargo
(WFC),…
