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Big Banks Try to Take on PayPal and Apple Wallets
Read today that Wells Fargo, JP Morgan, Bank of American and the 7 largest banks are joining forces to try to take on PayPal and Apple in the Wallet space. They anticipate having their solution ready by the second half of 2023.
Good luck!!
Do You Think This Will Succeed??
23%Yes
76%No
13 VotesPoll ended on: 1/25/2023
We will see! I doubt it, but Zelle has been a big winner.
@investmenttalk Zelle going right to legacy banks for business rather than the Venmo/cashapp direct to consumer route looking more and more like it was the right slow-build play
@jensen slight correction, Zelle was created by the legacy banks, so they didn’t really go to them for business. More like the banks decided to create a product to rival PayPal/Square.
It seems like an uphill battle to try to combat Apple Pay.
Will depend on whether users find their solution sticky enough to warrant a switch. Honestly don't know how they can make it easier than apple though
Kind of like throwing a Hail Mary late in a football game.
Probably won’t work, but a necessary gamble at this point.
I don’t think they’re destined for bankruptcy if it doesn’t work, but this move is worth a shot before the ship completely sets off to sea without them.
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