Three of the biggest banks in the U.S. are ganging up on PayPal, reports the Associated Press. Bank of America, Chase and Wells Fargo have launched clearXchange, a mobile payments program that aims to make simpler the person-to-person payment procedure. The plan is for clearXchange to supplant traditional transfers completely. Don't fret; you'll still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards will cost more
A lot of fees are given to consumers from banks. Still, Wells Fargo, JPMorgan Chase and Bank of America are still all suggesting that rather than using expensive things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. 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.
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."
PayPal is pretty large
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 states that PayPal has about 100 million active users at all times. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent company on an annual basis. This may be a valid argument.
This payment system is 'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. Keep reading to find out more.
"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." I guess this says something about Clearexchange.
Using eBay's PayPal and prepaid debit cards will cost more
A lot of fees are given to consumers from banks. Still, Wells Fargo, JPMorgan Chase and Bank of America are still all suggesting that rather than using expensive things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. 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.
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."
PayPal is pretty large
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 states that PayPal has about 100 million active users at all times. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent company on an annual basis. This may be a valid argument.
This payment system is 'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. Keep reading to find out more.
"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." I guess this says something about Clearexchange.
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