Crypto Wallets On Crosshair of Major Banks As They Take On PayPal, Apple Pay

Bitcoinist

The major US banks, including Bank of America, JP Morgan Chase, and Wells Fargo are planning to introduce a new system that uses a digital wallet linked to customer credit cards and debit cards. The plan is slated to start rolling out in the second half of 2023.

According to the Wall Street Journal, these major banks are reportedly preparing to launch a digital wallet that enables online shopping links with debit and credit cards to compete with the likes of PayPal and Apple Pay.

How To Get Free Crypto  
Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.

The banks are collaborating with money-transfer service Zelle to establish a separate digital wallet system that uses the digital wallet.

The new service is planned to be operated by Early Warning Services (EWS), a joint venture owned by the banks and currently in charge of operating the Zelle service. As per EWS, the new unnamed digital wallet will function separately from Zelle.

Anonymous sources stated that the new digital wallet is planned to compete with Apple Pay and PayPal. The banks intend to develop the wallet to prevent banking customer relationships with big techs like Apple, PayPal, among others.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

EWS intends to initially launch the digital wallet service supporting Mastercard and Visa cards for retail customer users and then plans to expand it to enable direct payments from banks to merchants.

Coinbase Banner  

Launching the service could be seen as a commitment to slow PayPal and Apple’s push into consumer banking, as these tech giants already offer credit cards and other products for their loyal customer base.

Big Banks To Embrace Digital Wallets And Hold Crypto?

While the banking giants are preparing to unveil a new payments wallet, there is no mention that the system will enable crypto payments through the wallet.

According to a McKinsey survey in 2021, over 80% of US citizens have used digital payment apps, and one in five have held some form of crypto. Digital wallets are becoming a more widely adopted technology, and increasingly they are holding cryptocurrencies for their customers.

This implies that the above-mentioned major banks could consider using the upcoming digital wallet system to store crypto for the users.

FreeBitcoin Banner  

PayPal, Venmo, and Apple Pay are widely becoming popular digital wallets to store multiple currencies (e.g., euros, U.S. dollars, Mexican pesos) and cryptocurrencies, such as Bitcoin, Ethereum, and others. 

An increasing number of major banks are embracing more direct contact with crypto. JP Morgan, CitiGroup, Goldman Sachs, Wells Fargo are some of the big banks now accepting creative digital assets from their users. To sustain their profitability and take on the competition, these banks could introduce cryptocurrency transactions with their upcoming digital wallet systems.

Crypto Market Cap Move Above $1 trillion

According to TradingView, major cryptocurrencies are trading in the green as the global crypto market cap surged its value by 0.65% to $1.08 trillion, with a volume of $51.84 billion in the past 24 hours. The crypto market is experiencing a bullish period with Bitcoin trading at 1.44% down at US$22,702 in the 24 hours, bringing gains in the last week to 8.8%.

The total cryptocurrency market cap price is moving sideways on the 4-hour chart. Source: Crypto TOTAL Market Cap on TradingView.com

The demand for Bitcoin is majorly driven by institutional investors increasing their crypto holdings in anticipation of the next Bull Run. But next month’s U.S. Federal Reserve (Fed) meeting could be another turning point in the market.

Featured image from Unsplash, Chart from TradingView.

Go to Source
Author: Samuel Edyme


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.