Bank of America, Chase bank and Wells Fargo have banded together to compete with PayPal for online payment service superiority, reports the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo have launched clearXchange, a mobile payments program that aims to make simpler the person-to-person payment process. The plan is for clearXchange to supplant traditional transfers totally. Do not fret; you will still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards definitely will cost more
Despite the belief that large banks originated the cavalcade of account fees that consumers 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 service than old options like prepaid debit cards and eBay's PayPal online payment service. Soon, the mobile payment program will be available for several people. For now, the person-to-person clearXchange will only go to the three banks' consumers.
The Associated Press states 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 a large oak to fell
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, reports eBay, which is a 28 percent increase from last year. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million. I wonder what they are using as evidence?
It is 'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said that the simplicity of clearXchange will change how mobile payments work. What will follow is anybody's guess.
"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." The outcome of this is anybody's guess.
Using eBay's PayPal and prepaid debit cards definitely will cost more
Despite the belief that large banks originated the cavalcade of account fees that consumers 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 service than old options like prepaid debit cards and eBay's PayPal online payment service. Soon, the mobile payment program will be available for several people. For now, the person-to-person clearXchange will only go to the three banks' consumers.
The Associated Press states 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 a large oak to fell
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, reports eBay, which is a 28 percent increase from last year. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million. I wonder what they are using as evidence?
It is 'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said that the simplicity of clearXchange will change how mobile payments work. What will follow is anybody's guess.
"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." The outcome of this is anybody's guess.
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