Clearxchange Is Big Bank Competition For Paypal
| 07:32:00 |
Bank of America, Chase bank and Wells Fargo have gotten together to challenge PayPal for online payment service superiority, states the Associated Press. Bank of America, Chase and Wells Fargo have introduced clearXchange, a mobile payments service that aims to make easier the person-to-person payment process. The banks imagine clearXchange replacing old-fashioned bank money transfers completely. Do not be concerned; you'll still be able to get a payday loan.
PayPal and prepaid debit more expensive
Despite the fact that large banks originated the cavalcade of account fees that customers have begrudgingly paid for years, Bank of America, Chase bank and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old opportunities like prepaid debit cards and eBay's PayPal online payment program. 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 couldn't 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
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. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million. This may be a valid argument.
This payment system is 'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. Keep reading to find out more.
"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." I guess this says something about Clearexchange.
PayPal and prepaid debit more expensive
Despite the fact that large banks originated the cavalcade of account fees that customers have begrudgingly paid for years, Bank of America, Chase bank and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old opportunities like prepaid debit cards and eBay's PayPal online payment program. 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 couldn't 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
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. EBay is sure that PayPal will make more money than its parent business annually soon as PayPal's revenue hit $992.3 million. This may be a valid argument.
This payment system is 'An innovative game-changer'
Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. Keep reading to find out more.
"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." I guess this says something about Clearexchange.
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