Bank of America, Chase bank and Wells Fargo have gotten together to challenge PayPal for online payment service superiority, reports the Associated Press. Bank of America, Chase and Wells Fargo have unveiled clearXchange, a mobile payments service that aims to simplify the person-to-person payment process. Three United States banking companies believe that clearXchange will at some point replace traditional money transfers entirely. Don't worry; you'll still be able to get a payday loan.
PayPal and prepaid debit much more expensive
Regardless of the fact that big banks originated the cavalcade of account fees that consumers have begrudgingly paid for years, Bank of America, Chase bank and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old opportunities like prepaid debit cards and eBay's PayPal online payment program. Soon, the mobile payment program will be available for many individuals. For now, the person-to-person clearXchange will only go to the three banks' consumers.
The Associated Press reports that Jack Stephenson believes the clearXchange is very simple. Stephenson is JPMorgan's Director of Mobile, eCommerce and Payments.
"Customers will be able to send and receive money even more quickly and easily," he said, "with full confidence their funds are in a bank account without worrying about cash, checks or higher-cost services."
The money in PayPal
From one year ago, PayPal increased 28 percent in the money it processed as it processed $27.4 billion in 2011's first quarter. EBay claims that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million. This may be a valid argument.
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. What will follow is anybody's guess.
"This is an innovative game-changer in electronic payments," he said. "We want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank. All our customers need to know is the email address or mobile number of a friend or family member and (clearXchange) takes care of the rest." The outcome of this is anybody's guess.
PayPal and prepaid debit much more expensive
Regardless of the fact that big banks originated the cavalcade of account fees that consumers have begrudgingly paid for years, Bank of America, Chase bank and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old opportunities like prepaid debit cards and eBay's PayPal online payment program. Soon, the mobile payment program will be available for many individuals. For now, the person-to-person clearXchange will only go to the three banks' consumers.
The Associated Press reports that Jack Stephenson believes the clearXchange is very simple. Stephenson is JPMorgan's Director of Mobile, eCommerce and Payments.
"Customers will be able to send and receive money even more quickly and easily," he said, "with full confidence their funds are in a bank account without worrying about cash, checks or higher-cost services."
The money in PayPal
From one year ago, PayPal increased 28 percent in the money it processed as it processed $27.4 billion in 2011's first quarter. EBay claims that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million. This may be a valid argument.
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. What will follow is anybody's guess.
"This is an innovative game-changer in electronic payments," he said. "We want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank. All our customers need to know is the email address or mobile number of a friend or family member and (clearXchange) takes care of the rest." The outcome of this is anybody's guess.
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