20 Second Advisor: Challenging Apple Pay

The chain of banks behind Zelle, which is owned by seven banks total, including Chase and and Bank of America, are planning to launch their own digital wallet. This wallet will jump into the increasingly-crowded field of digital wallets, dominated by the likes of Apple Pay and PayPal.

For the tech companies that have so far led the market, this may be unwelcome news. But for consumers, it should end up being a good thing. Increased competition tends to result in more options and innovation, such as smoother checkout processes and increased security.

Do you use Apple Pay? I am typically a late adopter, but I recently created a digital wallet in my phone. It took a while getting used to, but I really enjoy it now!