Bank of America, Chase bank and Wells Fargo have banded together to challenge PayPal for online payment service superiority, reports the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo now offer clearXchange as a cheaper, easier alternative to mobile payment businesses like PayPal. Three U.S. banking giants believe that clearXchange will at some point replace traditional money transfers altogether. Don't fret; you'll still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards definitely will cost more
In spite of the truth 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 opportunities like prepaid debit cards and eBay's PayPal online payment program. Soon, the mobile payment program will be available for many individuals. For now, the person-to-person clearXchange will only go to the three banks' customers.
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 is quite large
From one year ago, PayPal increased 28 percent in the money it processed as it processed $27.4 billion in 2011's first quarter. EBay states that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million. This may be a valid argument.
'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said 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." How do you think this will end for PayPal?
Using eBay's PayPal and prepaid debit cards definitely will cost more
In spite of the truth 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 opportunities like prepaid debit cards and eBay's PayPal online payment program. Soon, the mobile payment program will be available for many individuals. For now, the person-to-person clearXchange will only go to the three banks' customers.
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 is quite large
From one year ago, PayPal increased 28 percent in the money it processed as it processed $27.4 billion in 2011's first quarter. EBay states that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million. This may be a valid argument.
'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said 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." How do you think this will end for PayPal?
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