Posted on 01/23/2023 9:44:56 AM PST by SeekAndFind
Major US banks, including Wells Fargo, Bank of America, JPMorgan, and others, will push into the digital wallet space in the second half of this year to take on Apple Pay and PayPal.
Early Warning Services LLC (EWS), the bank-owned company that operates the money-transfer service Zelle, will be managing the new digital wallet, according to WSJ. The wallet has yet to be named but will be separate from Zelle and allow shoppers to pay at merchants' online checkouts with linked debit and credit cards.
EWS plans to offer the new digital wallet later this year and can handle up to 150 million debit and credit cards during the initial launch. Consumers in good standing with banks will be eligible for the new service.
The purpose of the digital wallet is to take on third-party wallet operators such as Apple and PayPal, according to people familiar with the matter. They said banks are concerned about losing businesses if a digital wallet is not released soon. Even though Goldman Sachs' consumer unit that manages the Apple Card is a money-losing business, there is a plan to launch a high-yield savings account and buy now, pay later program.
The move towards electronic and contactless payments has been gradual but could soon be thrown into hyperdrive if enough consumers adopt EWS' new wallet. It was during the Coronavirus pandemic when the government, Federal Reserve, and corporations urged people to avoid unnecessary physical transactions that increased the push toward a cashless society.
Recall the pivot toward a cashless society was clear as day. Perhaps the coin shortage during the pandemic was a test run. And anyone who dared mention a looming cashless society was deemed a 'conspiracy theorist.'
Just remember who is also shaping the world and influencing politicians and corporations away from a cash economy:
Dethroning cash as king. How digital payments are enabling a shift away from the cash economy
https://t.co/FUYE2KHVfn @WEFUpLink pic.twitter.com/QpRmA61JXz — World Economic Forum (@wef) February 22, 2022
The dystopic view is that a cashless society could mean governments and corporations will have even more control over our wallets -- and that's frightening.
Stuff it!
I’ve been cashless for decades...............but not willingly.................
It will be wonderful when the government can track every transaction down to a single piece of bazooka bubble gum. Panhandlers are going to have to invest in a wifi credit card machine
No more working under the table, no more drug deals, all income will be reported to the IRS..
The CCP can already track every yuan a Chinese citizen spends - and the Davos crowd is green with envy.
Banks love it, because they get to scrape 3% of the income you busted your butt for.
for as long as I can, I pay everything by credit card and then I pay the credit card bill every two weeks. It’s like free money.
I will not be so willing to carry a digital wallet.
Yes, that’s it. They don’t want Apple and Google collecting the 3%, they want to collect the 3% themselves. If people are going to use these apps, they want in on it.
I can do all the things on the left with my card on the right. No reason to stick an insecure data vacuuming cell phone in between.
Nope, people will just be buying very expensive artisan sandwiches, wood carvings, ceramic figurines or whatever with a stamp bag of their favorite drug included free as a ‘promotional item.’
Because cash gots da ‘rona!!
[I’ve been cashless for decades.]
Yeah, us po’ folk call it - “being poor”
and every time you ask your friend to pick up a.... at the store. And you “pay them back” electronically..
make sure you add 3% for processing fees and 35% so they are whole as what you sent is “income” subject to tax..
Now, for all you conspiracy theorists (like me) out there - first 17 minutes is informative - first 2 minutes ought to get your attention
The Jim Rickards Commercial
https://www.youtube.com/watch?v=fCfzQNhi_ns
Yeah, that’s gonna get messy - hoo boy
Possible but an electronic paper trail will be created and it will up to you to prove otherwise.
Control is the name of this game.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
