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Fortune

Ben Weiss

America’s biggest banks are teaming up to take on Apple Pay and PayPal with a new digital wallet. Analysts think it could flop

PayPal Apple Pay Apple Fortune Zelle Early Warning Services Gerard Cassidy Robinhood fintech JP Morgan Chase

A woman on her phone and a man stand in front of a Wells Fargo bank branch in New York. (Credit: Victor J. Blue—Bloomberg/Getty Images)

Ever since PayPal, Apple Pay, and Cash App lured hundreds of millions of users to their digital wallets, big banks have grasped for ways to pull them back into services they control.

The latest example is a push by seven banks, including Bank of America and JP Morgan Chase, to build a wallet of their own to compete with the payment goliaths, according to The Wall Street Journal.

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