Bank of America, Chase bank and Wells Fargo have gotten together to compete with PayPal for online payment program superiority, reports the Associated Press. Bank of America, Chase and Wells Fargo have launched clearXchange, a mobile payments program that aims to simplify the person-to-person payment procedure. Three U.S. banking giants believe that clearXchange will at some point replace traditional money transfers entirely. Do not be concerned; you will still be able to get a payday loan.
Fees from both PayPal and prepaid debit cost more
In spite of the truth 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 service than old opportunities like prepaid debit cards and eBay's PayPal online payment service. Soon, the mobile payment service will be available for several people. For now, the person-to-person clearXchange will only go to the three banks' consumers.
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."
The money in PayPal
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. 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'
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."
Fees from both PayPal and prepaid debit cost more
In spite of the truth 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 service than old opportunities like prepaid debit cards and eBay's PayPal online payment service. Soon, the mobile payment service will be available for several people. For now, the person-to-person clearXchange will only go to the three banks' consumers.
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."
The money in PayPal
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. 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'
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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