Bank of America, Chase bank and Wells Fargo have banded together to compete with PayPal for online payment program superiority, states the Associated Press. Bank of America, Chase and Wells Fargo have launched clearXchange, a mobile payments service that aims to make easier the person-to-person payment process. Three U.S. banking giants anticipate that clearXchange will eventually replace traditional money transfers entirely. Do not worry; you'll still be able to get a payday loan.
Pay a bit more for prepaid debit and PayPal to work
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 choices like prepaid debit cards and eBay's PayPal online payment service. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment program 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 data
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. 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 payment system is 'An innovative game-changer'
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."
Pay a bit more for prepaid debit and PayPal to work
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 choices like prepaid debit cards and eBay's PayPal online payment service. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment program 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 data
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. 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 payment system is 'An innovative game-changer'
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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