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The Associated Press reports that PayPal should check its rear-view mirror, because three cut-throat banking giants are getting even closer. Bank of America, JP Morgan Chase and Wells Fargo have launched clearXchange, a mobile payments service that aims to make simpler the person-to-person payment process. The idea is for clearXchange to get rid of traditional transfers totally. Don't fret; you'll still be able to get a payday loan.
Lower charges than prepaid debit and eBay's PayPal program
Bank of America, JPMorgan Chase and Wells Fargo are suggesting that the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. 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.
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."
The money in PayPal
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 states that PayPal has about 100 million active users at all times. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company.
'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive Vice President.
"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."
Lower charges than prepaid debit and eBay's PayPal program
Bank of America, JPMorgan Chase and Wells Fargo are suggesting that the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. 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.
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."
The money in PayPal
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 states that PayPal has about 100 million active users at all times. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent company.
'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive Vice President.
"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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