A report by the Wall Street Journal has revealed that some of the world’s biggest banks are coming together to launch a digital wallet that people can use to shop online.
Wells Fargo, Bank of America Corp and JPMorgan Chase were named among the banks that are working on a product that will allow shoppers to pay at merchants’ online checkout with a wallet that will be linked to their debit and credit cards.
According to the report, the digital wallet will be managed by Early Warning Services LLC, the bank-owned company that operates money-transfer service Zelle while it is being introduced partly to rival major third-party wallet operators such as PayPal and Apple Pay.
The WSJ added that consumers in the US who are up-to-date on payments, have used their card online in recent years and have provided an email address and phone number will be eligible for the service which is set to be rolled out in the second half of the year.
Although the wallet is being designed to roll out with cards such as Visa and Mastercard debit and credit cards, it is believed that payment options directly from bank accounts could be enabled further down the line.
