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Banks take on PayPal, Apple Pay with plans for a payment wallet
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Wells Fargo, Bank of America, JPMorgan and four other banks are working on a new product that will allow shoppers to pay at merchants’ online checkout with a wallet that will be linked to their debit and credit cards.
The digital wallet will be managed by Early Warning Services, the bank-owned company that operates money-transfer service Zelle. The wallet, which doesn’t have a name yet, will operate separately from Zelle, EWS said.
EWS,...
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