Three of the biggest banks in the United States are competing with the company PayPal, reports the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo now are offering clearXchange as a cheaper, easier option to mobile payment businesses like PayPal. The banks picture clearXchange replacing old-fashioned bank money transfers altogether. Do not worry; you will still be able to get a payday loan.
Lower fees than prepaid debit and eBay's PayPal service
Regardless of the belief that big 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 choices like prepaid debit cards and eBay's PayPal online payment program. 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 service spreads.
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 a large oak to fell
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent business on an annual basis.
'An innovative game-changer' enters the game
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."
Lower fees than prepaid debit and eBay's PayPal service
Regardless of the belief that big 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 choices like prepaid debit cards and eBay's PayPal online payment program. 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 service spreads.
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 a large oak to fell
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent business on an annual basis.
'An innovative game-changer' enters the game
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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