Banks Plan Payment Wallet to Compete With PayPal, Apple Pay - WSJ

Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co. and four other banks are working on a new product that will allow shoppers to pay at merchants’ online checkout with a wallet that will be linked to their debit and credit cards.

These banks are really good at spending money making duplicative products that are much worse and used by no one.