America's biggest banks are teaming up to take on Apple and PayPal with a digital wallet linked to customers' debit and credit cards, according to the Wall Street Journal.
Wells Fargo, JPMorgan Chase and Bank of America are among the seven lenders backing the wallet, which will be run by Early Warning Services, the bank-owned venture behind P2P payments service Zelle, says the Journal.
With Visa and Mastercard onboard, the wallet will launch with 150 million debit and credit cards available for use when it arrives in the second half of the year.
The move is designed to help banks take on third-party players such as PayPal and Apple, says the WSJ, citing sources. The latter has been making a push into the banking sector through its wallet, credit card and plans for a BNPL product.