Leaders.com
  • Login
  • Subscribe
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
  • Login
  • Subscribe
Business Wells Fargo, Bank of America, JPMorgan Chase, and four other banks are teaming up to launch an online wallet that customers can connect to their debit and credit cards.

Wells Fargo, Bank of America, JPMorgan Chase, and four other banks are teaming up to launch an online wallet that customers can connect to their debit and credit cards. (Photo by Leonardo Munoz/VIEWpress)

By Savannah Young Leaders Staff

Savannah Young

Savannah Young

News Writer

Savannah Young is a news writer for Leaders Media. Previously, she was a digital reporter for WATE Channel 6 (ABC)...

Full bio


Learn about our editorial policy

Jan 23, 2023

Big Banks Take On Apple

Banks attempt to compete with PayPal and Apple by launching an online banking wallet.

Key Details

  • Wells Fargo, Bank of America, JPMorgan Chase, and four other banks are teaming up to launch an online wallet that customers can connect to their debit and credit cards.
  • The virtual wallet will be managed by Early Warning Services and is planned to be released later this year.
  • Banks are worried about losing customers as virtual wallets such as Apple Pay and PayPal continue to rise in popularity. According to the latest Apple Pay statistics, the number of U.S. Apple Pay users is set to hit 48.7 million this year.

Why it’s news

Virtual wallets such as Apple Pay have been rising in popularity as it allows customers to have all cards in their virtual wallet and pay in stores and online with their phone.

Apple Pay has millions of users across the U.S., with expectations of reaching 48.7 million this year. 

Worried about losing customers to their virtual counterparts Wells Fargo, Bank of America, JPMorgan Chase, and four other banks have teamed up to launch a new online wallet. 

The virtual wallet has yet to be named but is in the works to be launched later this year.

Despite wanting to compete with Apple and other virtual wallets, the banks are also aiming to cut back on fraud. Customers using virtual wallets would no longer have to continuously type in card information, limiting access to customers’ card numbers.

The virtual wallet will be managed by Early Warning Services and is planned to launch with Visa and Mastercard debit and credit cards, with plans of adding others in the future. 

When the virtual wallet is ready, it will be offered to U.S. customers who are up-to-date on payments, have used their card online before, and have an email and phone number provided.

Home / News / Big Banks Take On Apple
Share
FacebookTweetEmailLinkedIn

Related Stories

Dealing With the High Cost Of Eggs

by Hannah Bryan Leaders Staff
Business

Jan 27, 2023

High egg prices are driving consumers to search for potential egg replacements—including plant-based alternatives. 

Key Details

  • The price of eggs has nearly tripled since the pandemic, driven by inflationary prices and shortages caused by an avian flu outbreak. 
  • Eggs are traditionally a cheap, reliable source of protein. Their recent inaccessibility poses a problem for consumers. 
  • Consumers are turning to egg replacements and alternatives, including freeze-dried eggs and plant-based alternatives. 
  • Plant-based egg replacements are traditionally more expensive than eggs, but the price surge has changed that. 

Go deeper

FacebookTweetEmailLinkedIn

The Shows That Streamed the Most

by Savannah Young Leaders Staff
Entertainment

Jan 27, 2023

Stranger Things on Netflix is the most-watched streaming show of 2022, but Paramount+ has content that is catching up.

Key Details

  • Netflix’s Stranger Things was the most-streamed show in the U.S., with more than 52 billion minutes of viewing time over the year, according to the Hollywood Reporter.
  • That made the original series land the biggest number since The Office claimed 57.1 billion minutes of viewing during the lockdown in 2020.
  • Stranger Things had a 36% higher watch rate than the second most watched show, NCIS, only having 38.1 billion.
  • Paramount+ is moving up the ranks to compete with Netflix—Paramount+ is the second most shows with the most streams, according to The Wrap.

Go deeper

FacebookTweetEmailLinkedIn

Panasonic Doing What It Does Best

by Savannah Young Leaders Staff
Business

Jan 27, 2023

Battery maker Panasonic is optimistic that the U.S. could build another battery plant to advance toward higher electric vehicle (EV) production.

Key Details

  • In November, Panasonic broke ground on a new $4 billion factory in DeSoto, Kansas, that will create batteries for multiple customers.
  • The factory adds another 60% to Panasonic’s global battery capacity.
  • As EV growth continues, the need for battery production ramps up as well, and the president of Panasonic Energy North America, Allan Swan, is optimistic that the U.S. could build another EV battery factory.

Go deeper

FacebookTweetEmailLinkedIn
Despite economists’ recessionary outlooks, American Express CEO Stephen Squeri (left) doesn’t see a significant downturn coming soon
Business

Jan 27, 2023

Amex Chief Offers Different View Of Recession

by Savannah Young Leaders Staff
SBF family may testify
Cryptocurrency

Jan 27, 2023

The FTX Family Affair Collapse

by Hannah Bryan Leaders Staff
stock market
Markets

Jan 27, 2023

Comeback Rally Marches On

by Hannah Bryan Leaders Staff

Recent Articles

Wealth

Jan 27, 2023

How to Start Flipping Houses + 4 Mistakes That Could Bankrupt You

Learn how to start flipping houses to make a profit

Personal Growth

Jan 27, 2023

Top 10 Powerful Habits of Successful People for 2023

Try these habits for more life and career success

Business

Jan 26, 2023

How to Prepare for an Interview: 14 Tips to Get the Job

Ace your interview with these tips

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com