Three of the biggest banks in the United States are competing with the company PayPal, reports the Associated Press. Bank of America, Chase and Wells Fargo have launched clearXchange, a mobile payments program that aims to make simpler the person-to-person payment process. The banks envision clearXchange replacing old-fashioned bank money transfers altogether. Do not be concerned; you'll still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards will cost more
A lot 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 for instance eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment service soon.
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 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. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company.
This payment system is 'An innovative game-changer'
Wells Fargo Executive V.P. Mike Kennedy told Business Wire that clearXchange's simplicity will change the mobile payments game.
"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."
Using eBay's PayPal and prepaid debit cards will cost more
A lot 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 for instance eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment service soon.
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 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. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company.
This payment system is 'An innovative game-changer'
Wells Fargo Executive V.P. Mike Kennedy told Business Wire that clearXchange's simplicity will change the mobile payments game.
"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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