New electronic wallet made by 7 major banks

America’s largest banks are working to compete with Apple Pay and PayPal.

COLUMBIA, S.C. (WOLO)— America’s largest banks are working to compete with Apple Pay and PayPal.

Seven major banks, including Bank of America, Trust and Wells Fargo, are working with Early Warning Services, the company that runs their Zelle electronic payment service.

The new electronic wallet, which will operate separately from Zelle, would allow people to make purchases online.

Right now, Zelle primarily allows transfers of funds between people who know each other.

The digital wallet is an attempt to regain Banks’ control of purchases currently being made using Apple Pay.

Categories: National News, News