Big Banks May Use Payment Service Zelle to Take on Mastercard and Visa

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America's big banks are in a football huddle about whether to call an audible that would screen credit card companies out from one of their most lucrative revenue sources.

According to The Wall Street Journal, several notable Wall Street names are considering expanding their use of money transfer service Zelle to retail purchases, which would come at the expense of card issuers like Mastercard or Visa. Who owns Zelle? The banks.

Source Fool.com