Fintech company Early Warning Services LLC (EWS), owned by the largest US banks, will launch a digital wallet, writes the Wall Street Journal. After the publication of the news of the shares of PayPal Holdings Inc. fell more than 1%.
The new service will begin to operate in the second half of 2023, it will allow bank customers that have Early Warning Services to make purchases over the Internet.
The service will allow customers to pay with credit and debit cards. However, the company can add other payment options if the new product is in demand. The possibility of making a payment directly from a bank account is being considered.
EWS is owned by Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co., Capital One Financial Corp. and three other banks. Sources of the publication assure that the company plans to compete with Apple Pay and PayPal.
Author:
Natalia Gormaleva
Source: RB
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