Major Banks To Launch Digital Wallet Service Mid-2023

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A large-scale push toward the digital wallet space from major U.S. banks competing with Apple Pay and PayPal is coming midyear 2023.  According to the Wall Street Journal, the bank-owned company Early Warning Services LLC (EWS), that currently operates Zelle, will be managing the new digital wallet service which has not been officially named yet. During the COVID pandemic, the government, Federal Reserve and corporations discouraged unnecessary physical cash/coin transactions which accelerated the push toward a cashless economy.  The World Economic Forum (WEF), instrumental in shaping politics and influencing leaders and corporations, tweeted last February, “Dethroning cash as king. How digital payments are enabling a shift away from the cash economy @WEFUpLink.”