Big Banks Debut Clearxchange Mobile Payments Service
The Associated Press states that PayPal should be prepared for competition, because three ambitious banking giants are gaining. Bank of America, Chase and Wells Fargo have introduced clearXchange, a mobile payments service that aims to simplify the person-to-person payment procedure. The banks picture clearXchange replacing old-fashioned bank money transfers completely. Do not be concerned; you'll still be able to get a payday loan.
Fees from PayPal and prepaid debit cost more
Bank of America, JPMorgan Chase and Wells Fargo are suggesting that the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. The person-to-person clearXchange will only be given to the three banks' consumer base, but it will change to the mobile payment program 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."
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent business on an annual basis.
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work.
"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."
Fees from PayPal and prepaid debit cost more
Bank of America, JPMorgan Chase and Wells Fargo are suggesting that the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. The person-to-person clearXchange will only be given to the three banks' consumer base, but it will change to the mobile payment program 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."
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent business on an annual basis.
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work.
"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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