Wells Fargo And Other Banks Join Forces To Tap $2T Payments App Market Against Apple Pay, PayPal

Wells Fargo & Co WFC, Bank Of America Corp BAC, JP Morgan Chase & Co JPM, and four other banks worked on a digital wallet linked to their debit and credit cards.
Early Warning Services LLC would manage the wallet that aimed to compete with Apple Inc AAPL Apple Pay, and PayPal Holdings, Inc PYPL, CNBC reports.
EWS would launch the new wallet with Visa Inc V and Mastercard Inc MA debit and credit cards.
Bernstein analyst Harshita Rawat said it would take time for the new wallet to be a severe risk to incumbents like PayPal.
“It simply takes a very long time, a killer customer experience, and a compelling merchant value proposition to build the two-sided network effects in payments to achieve scale,” Rawat said.
Leading banks had a mixed earnings season, with several CEOs, including Bank of America’s Brian Moynihan, warning against a mild recession in the U.S.
The U.S. e-commerce payment market will likely grow to $ 1.97 trillion in 2028 from $875.20 billion in 2022 at a CAGR of 14.49%.
Price Action: PYPL shares traded higher by 0.37% at $79.43 on the last check Monday.
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