Bank of America, JPMorgan and other banks reportedly team up on digital wallet to rival Apple Pay

Several banks are reportedly moving connected a integer wallet that links with debit and recognition cards to vie with Apple Pay and PayPal.

According to the Wall Street Journal, the integer wallet would beryllium operated by Early Warning Services, a associated task from respective banks that besides runs Zelle. The large banks progressive see Wells Fargo, JPMorgan Chase and Bank of America, according to the report.

The caller wallet would initially beryllium launched with Visa and Mastercard already connected board, according to the report.

The determination could beryllium seen arsenic an effort to dilatory Apple's propulsion into user banking, arsenic the tech elephantine already offers a branded recognition paper and is exploring different products for their famously loyal lawsuit base.

Shares of PayPal, which has integer payments arsenic its halfway business, slipped astir 1.5% successful premarket trading.

The study follows a mixed net play for large banks, with respective CEOs including Bank of America's Brian Moynihan informing that the U.S. was likely to spot a mild recession. Bank stocks person struggled implicit the past twelvemonth adjacent arsenic involvement rates person risen, arsenic fears of a recession and a slower concern banking situation person offset gains successful nett involvement income.

Read the afloat WSJ communicative here.