The Associated Press states that PayPal should watch out right about now, because three cut-throat banking giants are gaining. Bank of America, JP Morgan Chase and Wells Fargo now offer clearXchange as a cheaper, simpler alternative to mobile payment businesses like PayPal. The banks picture clearXchange replacing old-fashioned bank money transfers altogether. Don’t be concerned; you’ll still be able to get a payday loan.
PayPal and prepaid debit much more expensive
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 expensive things for instance eBay’s PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. 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 service spreads.
JPMorgan’s Director of Mobile, eCommerce and Payments Jack Stephenson told the Associated Press that clearXchange could not be simpler.
“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 a large oak to fell
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. 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’
Wells Fargo Executive Vice President 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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Big Banks Introduce Clearxchange Mobile Payments Program
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