Bank of America, JP Morgan and Wells Fargo could be among the seven global megabanks that could soon join forces to launch a digital wallet after digital assets are gradually adopted in different parts of the world. The goal of this potential initiative is to compete with other payment platforms like Apple Pay and PayPal. Wells Fargo, Truist, Capital One, PNC Bank and US Bank are among the other lenders reportedly lining up to join this project.
All of the banks mentioned jointly own a digital payment network called the cell. According to a report from Bitcoin.com, the digital wallet is operated separately from cell.
Cell itself is managed by fintech firm Early Warning System (EWS), which provides risk management solutions to financial firms. EWS is also charged with responsibility for administration digital walletas soon as it starts.
The banks involved in this project want to avoid losing customers who are used to using instant online payment services and digital wallets.
Last year, a report quoted figures from juniper research had estimated that the number of people using digital wallet services around the world would surpass 5.2 million by 2026.
Competitors in the industry like ApplePaycrypto friendly PayPaland Google Pay have already established themselves in recent years.
At this time, it remains unclear whether this unnamed digital wallet will be supported cryptocurrencies and other virtual digital assets.
Clarity on this issue is expected in the coming months. The wallet could be launched between July and December 2023, the Bitcoin.com report said.
MasterCard and Visaswho have both made several pro-crypto moves recently will also reportedly be part of the project.
The participants already involved have also reportedly tried to onboard other fintech companies to collaborate and add their respective cards to this wallet.
