Big banks’ proposed digital wallet payment system likely to fail
Bank of America, JPMorgan, Wells Fargo, and other banks are joining forces to create a digital wallet to compete with the likes of Apple Pay and Google Pay. But they have an uphill battle ahead. A group of leading banks is partnering with payment service Zelle’s parent company to create their own “digital wallet” connected to consumer credit and debit cards to enable online or retail store payments.