Bank of America, JPMorgan Chase and Wells Fargo have banded together to challenge PayPal for online payment service superiority, reports the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo have unveiled clearXchange, a mobile payments program that aims to make simpler the person-to-person payment process. The plan is for clearXchange to get rid of traditional transfers completely. Do not worry; you will still be able to get a payday loan.
Fees from PayPal and prepaid debit cost more
Bank of America, Chase bank 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. 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 program spreads.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said that the clearXchange is very simple, states 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 data
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent company on an annual basis. Their claims might have some strength.
It is 'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is because of how simple it is, according to Mike Kennedy, Wells Fargo's Executive Vice President. More information will keep coming out.
"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." The outcome of this is anybody's guess.
Fees from PayPal and prepaid debit cost more
Bank of America, Chase bank 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. 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 program spreads.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said that the clearXchange is very simple, states 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 data
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent company on an annual basis. Their claims might have some strength.
It is 'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is because of how simple it is, according to Mike Kennedy, Wells Fargo's Executive Vice President. More information will keep coming out.
"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." The outcome of this is anybody's guess.
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