Seven US banks are reportedly looking to join hands to launch a digital wallet that is likely to be the major competitor of Apple Pay as well as PayPal.

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US Major Banks to Launch Digital Wallets

According to a Monday report by Wall Street Journal, seven major banks in the United States are on the path to building a digital wallet for their clients to use at online checkouts.

The banks include Bank of America, Wells Fargo, JP Morgan Chase, and four other banks that use the Zelle payment network.

Early Warning Services (EWS), a fintech firm that operates Zelle will, however, be in charge of the management of the wallet.

Early Warning Services is a fintech firm that provides risk management solutions to government entities, payment companies, and several US financial institutions.

According to the report, the yet-to-be-launched digital wallet will be tied to shoppers’ debit and credit cards for online payments and will operate separately from Zelle.

As per people with knowledge of the matter, major US banks are worried about losing their customers’ relationships because of the existence of Apple Pay and PayPal, hence, they’re making moves to build a digital wallet that is going to rival the above-named digital wallets.

Bernstein analyst Harshita Rawat commented on the news in a note to customers on Monday. According to her, major banks have “likely always had Paypal envy,” adding:

“It simply takes a very long time, a killer customer experience (which needs to be better than incumbents, not just similar), and a compelling merchant value proposition to build the two-sided network effects in payments to achieve scale.”

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