Top banks join push to form Apple Pay, PayPal competitor

Wells Fargo & Co., U.S. Bancorp and five other major banks are planning to launch a digital wallet that can let shoppers use smartphones to pay for purchases.

The Wall Street Journal has a report on the new service that would compete with similar offerings from Apple and PayPal, which have moved more aggressively into personal finance.

Tech companies making inroads on digital payments could threaten to disrupt banks' existing customer relationships.

Banks are still working on how the as-yet-unnamed…

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