The Associated Press reports that PayPal should check its rear-view mirror, because three ambitious banking giants are gaining. Bank of America, Chase and Wells Fargo have introduced clearXchange, a mobile payments service that aims to make easier the person-to-person payment process. Three United States banking companies anticipate that clearXchange will at some point replace traditional money transfers entirely. Do not fret; you will still be able to get a payday loan.
Lower costs than prepaid debit and eBay's PayPal program
Lots of fees are given to consumers from banks. Still, Wells Fargo, Chase bank and Bank of America are still all suggesting that rather than using costly things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Only consumers of the three banks will be able to use the person-to-person clearXchange at first, but that will change if the mobile payment program 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 data
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. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent business. I wonder what they are using as evidence?
There's '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. 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." The outcome of this is anybody's guess.
Lower costs than prepaid debit and eBay's PayPal program
Lots of fees are given to consumers from banks. Still, Wells Fargo, Chase bank and Bank of America are still all suggesting that rather than using costly things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Only consumers of the three banks will be able to use the person-to-person clearXchange at first, but that will change if the mobile payment program 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 data
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. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent business. I wonder what they are using as evidence?
There's '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. 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." The outcome of this is anybody's guess.
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