Wall Street banks to muscle into digital payments
Fintechs could soon be facing some new competition on the payments front. Major US banks like JP Morgan, Wells Fargo and Bank of America, among others, are building a new digital wallet for consumers.
The banks are working on a digital wallet for e-commerce transactions that will be tied to a customer’s debit or credit card. The banks have already secured 150m Mastercard and Visa credit and debit cards for the wallet’s debut. Customers won’t have to enter those card details, a feature that has become synonymous with PayPal, Cash App, and Apple Pay, to name a few. Instead, an email address and mobile number at the till will suffice.