Banks Unite To Combat Big Tech Under Their Turf
Portfolio Pulse from Upwallstreet
Major US banks including JPMorgan Chase, Bank of America, and Wells Fargo are launching a mobile wallet to compete with tech giants like Apple and Google who have made significant gains in the financial services sector. The banks' digital wallet, Paze, will be operated by Early Warning Services, the group behind the successful payments app Zelle. This move comes as tech companies continue to expand their banking footprints, with Apple partnering with Goldman Sachs and Amazon partnering with Citigroup.
September 18, 2023 | 3:19 pm
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NEUTRAL IMPACT
Bank of America is part of the consortium launching the mobile wallet Paze, aiming to compete with tech giants in the financial services sector.
The launch of Paze could potentially help Bank of America retain its market share in the financial services sector against tech giants. However, the success of this initiative is uncertain.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
JPMorgan Chase is part of the consortium launching the mobile wallet Paze, aiming to compete with tech giants in the financial services sector.
The launch of Paze could potentially help JPMorgan Chase retain its market share in the financial services sector against tech giants. However, the success of this initiative is uncertain.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Wells Fargo is part of the consortium launching the mobile wallet Paze, aiming to compete with tech giants in the financial services sector.
The launch of Paze could potentially help Wells Fargo retain its market share in the financial services sector against tech giants. However, the success of this initiative is uncertain.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80