The Associated Press reports that PayPal should watch out right about now, because three cut-throat banking giants are getting even closer. Bank of America, JP Morgan Chase and Wells Fargo have launched clearXchange, a mobile payments service that aims to make simpler the person-to-person payment procedure. The idea is for clearXchange to get rid of traditional transfers completely. Don't fret; you will still be able to get a payday loan.
Pay more for prepaid debit and PayPal to work
In spite of the fact that large banks originated the cavalcade of account fees that customers 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 program than old possibilities like prepaid debit cards and eBay's PayPal online payment service. 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.
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."
PayPal figures
According to eBay, PayPal currently boasts about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company. This may be a valid argument.
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. More information will keep coming out.
"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.
Pay more for prepaid debit and PayPal to work
In spite of the fact that large banks originated the cavalcade of account fees that customers 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 program than old possibilities like prepaid debit cards and eBay's PayPal online payment service. 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.
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."
PayPal figures
According to eBay, PayPal currently boasts about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company. This may be a valid argument.
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. More information will keep coming out.
"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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