Three of the biggest banks in the U.S. are competing with the company PayPal, states the Associated Press. A new mobile payments service called clearXchange will make it easier than ever for customers to make person-to-person payments thru a mobile number or email address. The idea is for clearXchange to get rid of traditional transfers totally. Don't fret; you will still be able to get a payday loan.
PayPal and prepaid debit more costly
Bank of America, JPMorgan Chase 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. Soon, the mobile payment program will be accessible for many people. For now, the person-to-person clearXchange will only go to the three banks' consumers.
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 is fairly big
According to eBay, PayPal currently boasts about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. 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'
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."
PayPal and prepaid debit more costly
Bank of America, JPMorgan Chase 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. Soon, the mobile payment program will be accessible for many people. For now, the person-to-person clearXchange will only go to the three banks' consumers.
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 is fairly big
According to eBay, PayPal currently boasts about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. 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'
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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