Three of the biggest banks in the U.S. are ganging up on PayPal, reports the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo have introduced clearXchange, a mobile payments service that aims to make simpler the person-to-person payment procedure. Three U.S. banking companies anticipate that clearXchange will eventually replace traditional money transfers entirely. Don't be concerned; you will still be able to get a payday loan.
Pay a bit more for prepaid debit and PayPal to work
Bank of America, JPMorgan Chase and Wells Fargo are suggesting the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. 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."
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. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company.
There's 'An innovative game-changer'
Wells Fargo Executive V.P. 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."
Pay a bit more for prepaid debit and PayPal to work
Bank of America, JPMorgan Chase and Wells Fargo are suggesting the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. 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."
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. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company.
There's 'An innovative game-changer'
Wells Fargo Executive V.P. 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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