 Wells Fargo, Bank of America, JP Morgan Chase, Capital One, PNC, US Bankorp, and Truist will debut the new digital wallet, connecting 150 million Visa and Mastercard credit and debit cards at launch. It will be easier and safer to check out without submitting information. Also, users won't have to sign up for a new service or mobile app, keeping their sensitive data with one entity. Merchants profit from higher checkout conversion. This option might challenge PayPal, which has 397 million active accounts and processed $337 billion in payment volume in the third quarter of 2022. 76% of the top 1,500 online retailers in North America and Europe accept PayPal at checkout, making it the most popular digital wallet. However, PayPal has been a disruptor for over 20 years, and its network effects explain its dominance. As it grows, PayPal's two-sided platform benefits users. Buyers and merchants are drawn to one another. The positive feedback loop strengthens as it grows. Customers receive cash back and other perks, which is unbeatable. These strengths, combined with PayPal's lead start, make less of a concern about the big bank's new digital wallet. They might get some early acceptance from their cardholders, but they'd still be far behind PayPal, whose customers transacted 50.1 times in the trailing 12-month period. Why didn't early warning services do this a decade ago? Seven organizations with varied goals can hinder progress. Maybe they couldn't stand by while fintech took over the payments business. Consumers use digital wallets instead of big bank services now. The latter group's user experience would have to be far better. Changing this behavior may be tough. Thus, PayPal and its shareholders are unaffected. This new product launches progress should be monitored. What do you think is going to happen with PayPal? Share your opinions in the comment section below.