Big Bank Boys Launch Digital Wallet – Is the World Ready for This?
Can you imagine? The three biggest money giants in the world, Bank of America, JPMorgan Chase, and Wells Fargo coming together to launch a digital wallet. Our financial world has officially joined forces with 21st-century technology. But, is the world ready for this?
What Is This Digital Wallet?
The digital wallet they are developing will allow shoppers to settle purchases through their smartphones. It is also said that the wallet allows customers to manage their finances and allows users to:
- View balances and pay bills.
- Scan loyalty cards.
- Order checks.
- Send money to others.
The wallet is expected to have multi-facet login processes to protect user security and will be available in 2020.
The Banking Boys Come To Play
Do the three banking empires of Bank of America, JPMorgan, and Wells Fargo joining forces mean they are serious about the digital wallet? Or are they just finally realizing that wallets are not just something you carry in your pocket anymore? It’s hard to say, but what we do know is that this is a really big deal!
Is the World Ready for This?
That’s the question of the hour, isn’t it? The world of banking is traditionally a slow moving industry, so the idea of a digital wallet might be more than what traditional banking customers are ready for. Just look at the popularity of Venmo and Zelle, the fast-growing services that let people send and receive money from smartphones.
What Will This Mean For The Industry?
The launch of the digital financial wallet is sure to spark a new wave of technology-driven banking. Companies are already creating ways to pay with your smartphone, such as Apple Pay. But with the Big Bank Boys launching their own digital wallet, this could be a huge disruption in the banking industry.
Wrapping Up
The launch of the Big Bank Boys’ digital financial wallet could be a revolutionary moment in banking. This technology might revolutionize the way people manage their finances and could open the floodgates to more fintech innovation. It’s easy to be skeptical, but just wait and see what happens when 2020 rolls around.
