Fintech company Early Warning Services LLC (EWS), owned by seven of the largest United States banks, is planning to launch a digital wallet, allowing customers to shop online. The service should roll out in the United States in the second half of the year, EWS told the Wall Street Journal.
Inside sources also said EWS aims to compete with Apple Pay and PayPal. The service will enable bank users to pay with their debit and credit cards, but the company will consider other payment options if "a sizable number of merchants" adopts the wallet, including "payments directly from bank accounts." EWS is owned by Wells Fargo & Co., Bank of America Corp., JPMorgan Chase &Co., Capital One Financial Corp., PNC Financial Services Group Inc., U.S. Bancorp, and Truist Financial Corp.
