Founded in 1998, PayPal didn’t grow excessively in its first 4 years, but after being acquired in 2002 by X.com, a rival company founded by Elon Musk, the company quickly grew and expanded. The largest online payment system in the world has happened. This system was later succeeded by Google Pay and Apple Pay.

According to information revealed today, Early Warning Services, a joint venture of the largest US banks, is about to launch a serious competitor to PayPal and Apple Pay.

It could be the first step in a revolution that will make debit cards history.

Bank of America, truthfulCapital city, JPMorgan ChasePNC Bank, American bank It has been announced that Early Warning Services, the owner of the application called Zelle, which was created in partnership with Wells Fargo banks and currently enables fast money transfers to bank accounts inside and outside the US, is working on a new payment system. This system can be used on the internet and in physical stores, just like PayPal and Apple Pay. will function as a digital wallet.

In this system, which we can currently call the FAST system of the US and where Zelle’s infrastructure will be used, users who add their debit card to the system, like Apple Pay, can shop comfortably with the debit cards they already have While there isn’t much explanation about the system right now, the system is in the second half of 2023 It has been announced that it will be made available in the US.

But can this system wipe out cash and debit cards?

Actually the answer to this question both yes and no. Many Americans who already use Apple Pay and PayPal have given up the habit of carrying cash or cards. However, PayPal and Apple Pay still don’t catch on in many places in the rest of the world. there are even countries where these systems are not available. However, this new system of US banks may inspire banks of other countries in the long run and we are seeing similar wallet applications from many countries. This could be the first step in the process of “digitizing money” that will begin in the coming years.