Big banks go on the offensive against mobile wallet giants

The news: Bank of America, JPMorgan, and several other large banks will launch a digital wallet later this year that links to debit and credit cards, per the Wall Street Journal.

• Early Warning Services will operate the wallet, which will be initially compatible with Visa and Mastercard-branded cards. Many of the banks behind the wallet initiative own Early Warning Services, which operates Zelle—though the projects will remain separate.
• To use the wallet, customers will most likely have to provide their email addresses on merchants' online checkout pages. Early Warning Services will then comb through its bank connections to identify which cards customers can pay with.