The Associated Press reports that PayPal should watch out right about now, because three competitive banking giants are getting even closer. Bank of America, Chase and Wells Fargo have launched clearXchange, a mobile payments program that aims to simplify the person-to-person payment process. The idea is for clearXchange to supplant traditional transfers entirely. Do not fret; you'll still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards will cost more
A lot of fees are given to customers from banks. Still, Wells Fargo, Chase bank and Bank of America are still all suggesting that instead of using costly things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment service soon.
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 a large oak to fell
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 claims that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million.
'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."
Using eBay's PayPal and prepaid debit cards will cost more
A lot of fees are given to customers from banks. Still, Wells Fargo, Chase bank and Bank of America are still all suggesting that instead of using costly things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. The person-to-person clearXchange will only be given to the three banks' customer base, but it will change to the mobile payment service soon.
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 a large oak to fell
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 claims that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million.
'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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