Later this year, seven of the country’s biggest banks … will be unveiling a new digital wallet, meant to compete with services like Apple Pay and PayPal. … While it’s meant to drive revenue to the banks, more importantly, it’s meant to drive information collection. “So, there’s a whole part of your life that the bank has basically just sort of given up over to these tech companies,” said Bill Maurer, [social sciences dean and professor], who studies payments at the University of California, Irvine. If I use the new wallet, Maurer said the banks will likely get those details instead of Apple. “All of which can be leveraged to drive [you] toward higher value products that they would offer, loans or whatever,” he said.

For the full story, please visit https://www.marketplace.org/2023/01/23/banks-want-in-on-digital-wallets-and-the-consumer-data-that-comes-with-them/.