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, Chase and Wells Fargo have unveiled clearXchange, a mobile payments service that aims to make simpler the person-to-person payment procedure. Three United States banking companies believe that clearXchange will at some point replace traditional money transfers altogether. Don't fret; you will still be able to get a payday loan.
Using eBay's PayPal and prepaid debit cards will cost more
Bank of America, Chase bank 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. The person-to-person clearXchange will only be given to the three banks' consumer base, but it will change to the mobile payment service soon.
The Associated Press states 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."
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 claims that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million.
'An innovative game-changer' enters the game
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."
Using eBay's PayPal and prepaid debit cards will cost more
Bank of America, Chase bank 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. The person-to-person clearXchange will only be given to the three banks' consumer base, but it will change to the mobile payment service soon.
The Associated Press states 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."
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 claims that PayPal has about 100 million active users at all times. EBay is sure that PayPal will make more money than its parent company annually soon as PayPal's revenue hit $992.3 million.
'An innovative game-changer' enters the game
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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