More than half of U.S. consumers now use digital wallets, according to new data from J.D. Power. But PayPal and Apple Pay have a huge lead over rivals, and are already experienced combatants in the battle for consumers' spending.
Wells Fargo & Co., Bank of America, JPMorgan Chase, and four other financial services firms plan to launch a new digital wallet in 2023. But a long-time fintech expert said there's little chance of success if they don't embrace the new technology that could make the difference.
Bank of America, JPMorgan, Wells Fargo, and other banks are joining forces to create a digital wallet to compete with the likes of Apple Pay and Google Pay. But they have an uphill battle ahead.