Seven banks are uniting their efforts to create a digital wallet competitor to some of the giants in the industry.
part. That’s right, some of the biggest American banks are teaming up with Zelle — a money transfer service that launched in 2017 — to create the ultimate digital wallet.Wall Street Journal
This new service is to be run by Early Warning Services , owner of the currently established Zelle transfer service. The new solution is planned to launch in the second half of this year, and it will be a completely separate product to Zelle itself . And as of now, we don’t have a name revealed for you.
All that being said, we’ve got no clue how this new system will work, and what features it may offer in order to convert Apple Pay and PayPal customers into its own loyal following. The WSJ suspects that the entire thing may revolve around email addresses only. The user would type out their email into the merchant’s terminal, which would contact and check things with EWS, and then respond with a resolution or error.
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