Three of the biggest banks in the U.S. are competing with the company PayPal, states 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. The banks envision clearXchange replacing old-fashioned bank money transfers completely. Don't fret; you'll still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards definitely will cost more
In spite of the belief that big banks originated the cavalcade of account fees that customers 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. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment service soon.
JPMorgan's Director of Mobile, eCommerce and Payments Jack Stephenson told the Associated Press that clearXchange couldn't be simpler.
"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."
PayPal a large oak to fell
According to eBay, PayPal currently carries about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent business.
'An innovative game-changer' enters the game
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive V.P.
"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."
Using eBay's PayPal and prepaid debit cards definitely will cost more
In spite of the belief that big banks originated the cavalcade of account fees that customers 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. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment service soon.
JPMorgan's Director of Mobile, eCommerce and Payments Jack Stephenson told the Associated Press that clearXchange couldn't be simpler.
"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."
PayPal a large oak to fell
According to eBay, PayPal currently carries about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent business.
'An innovative game-changer' enters the game
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive V.P.
"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."
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