Bank of America, JPMorgan Chase and Wells Fargo have banded together to challenge PayPal for online payment service superiority, states the Associated Press. Bank of America, Chase and Wells Fargo now are offering clearXchange as a more affordable, easier option to mobile payment businesses like PayPal. The idea is for clearXchange to get rid of traditional transfers completely. Don't fret; you will 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 rather than using costly things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Only customers 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 reports 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 figures
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, reports 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
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work.
"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 rather than using costly things such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Only customers 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 reports 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 figures
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, reports 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
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work.
"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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