Bank of America, JPMorgan Chase 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 unveiled clearXchange, a mobile payments program that aims to make easier the person-to-person payment procedure. The plan is for clearXchange to supplant traditional transfers totally. Don't worry; you'll still be able to get a payday loan.
PayPal and prepaid debit much more expensive
A lot of fees are given to consumers from banks. Still, Wells Fargo, JPMorgan Chase and Bank of America are still all suggesting that rather than using expensive things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Soon, the mobile payment service will be accessible for many individuals. For now, the person-to-person clearXchange will only go to the three banks' customers.
JPMorgan's Director of Mobile, eCommerce and Payments Jack Stephenson told the Associated Press that clearXchange could not 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 a large oak to fell
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. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million.
There's 'An innovative game-changer'
Wells Fargo Executive Vice President 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."
PayPal and prepaid debit much more expensive
A lot of fees are given to consumers from banks. Still, Wells Fargo, JPMorgan Chase and Bank of America are still all suggesting that rather than using expensive things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Soon, the mobile payment service will be accessible for many individuals. For now, the person-to-person clearXchange will only go to the three banks' customers.
JPMorgan's Director of Mobile, eCommerce and Payments Jack Stephenson told the Associated Press that clearXchange could not 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 a large oak to fell
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. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million.
There's 'An innovative game-changer'
Wells Fargo Executive Vice President 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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