Bank of America, JPMorgan Chase and Wells Fargo have gotten together to challenge PayPal for online payment service superiority, states the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo now offer clearXchange as a more affordable, easier option to mobile payment services like PayPal. The plan is for clearXchange to supplant traditional transfers completely. Do not be concerned; you will still be able to get a payday loan.
PayPal and prepaid debit more costly
Regardless of the belief that large banks originated the cavalcade of account fees that consumers have begrudgingly paid for years, Bank of America, JPMorgan Chase and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old options like prepaid debit cards and eBay's PayPal online payment program. Only customers of the three banks will be able to use the person-to-person clearXchange at first, but that will change if the mobile payment service spreads.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said the clearXchange is very simple, reports the Associated Press.
"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 figures
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, states eBay, which is a 28 percent increase from last year. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million.
It is 'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, states Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive Vice President.
"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."
PayPal and prepaid debit more costly
Regardless of the belief that large banks originated the cavalcade of account fees that consumers have begrudgingly paid for years, Bank of America, JPMorgan Chase and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old options like prepaid debit cards and eBay's PayPal online payment program. Only customers of the three banks will be able to use the person-to-person clearXchange at first, but that will change if the mobile payment service spreads.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said the clearXchange is very simple, reports the Associated Press.
"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 figures
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, states eBay, which is a 28 percent increase from last year. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million.
It is 'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, states Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive Vice President.
"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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