Bank of America, JPMorgan and other banks reportedly team up on digital wallet to rival Apple Pay
Publishing timestamp: 2023-01-23 16:19:48
Summary
Several banks are reportedly working on a digital wallet to compete with Apple Pay and PayPal. Major banks involved include Wells Fargo, JPMorgan Chase, and Bank of America. The wallet will be operated by Early Warning Services and will initially be launched with Visa and Mastercard. Analysts believe it will take time for the wallet to become a serious risk to incumbents. Bank stocks have struggled over the past year due to fears of recession.
Sentiment: NEUTRAL
Tickers: BAC, AAPL, MA, JPM, V, PYPL, WFC,
Keywords: markets, mastercard inc, paypal holdings inc, jpmorgan chase & co, visa inc, banks, bank of america corp, fintech, breaking news: markets, business news, investment strategy, wells fargo & co, apple inc,