Shares of PayPal Holdings Inc. PYPL were off more than 1% in premarket trading Monday after The Wall Street Journal reported that the big banks were working on a digital wallet meant to ease the process of purchasing online with debit and credit cards. Wells Fargo & Co. WFC , Bank of America Corp. BAC, JPMorgan Chase & Co. JPM, and several other banks are teaming up on this yet-to-be-named wallet, which will be managed by Zelle operator Early Warning Services LLC. The Wall Street Journal said that the banks behind the service are looking to compete with independent wallets like those offered by PayPal and Apple Inc. AAPL, as they want to maintain links with their customers. The banks also see opportunity to reduce fraud through their own wallet.
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