The big banks that brought you Zelle are building a new digital wallet

A red iPhone 13 Mini is on a desk table with a mug on a bamboo coaster and another blocky object next to it. The iPhone is displaying the checkout screen for Dearborn denim’s website that has options for Shop Pay, Apple Pay, Amazon Pay, PayPal, and Google Pay.

Banks are working to add another option for online shoppers. | Image: Umar Shakir / The Verge

Several of America’s biggest banks, including the likes of Bank of America and JPMorgan Chase, are joining forces to launch their own digital payment wallet that can be used for online shopping, according to The Wall Street Journal. The planned new wallet is a response to increased consumer usage of digital payments — particularly Apple Pay, PayPal, and ones from other tech companies, including Google Pay and Amazon Pay.

The currently nameless wallet will be handled by Early Warning Services (EWS), the company behind the direct money transfer service Zelle — though the two products will reportedly not intersect. EWS is a bank-owned joint venture between Capital One, PNC, US Bancorp, Truist, Bank of America, and JPMorgan Chase.

The new...