The Associated Press states that PayPal should watch out right about now, because three cut-throat banking giants are gaining. A new mobile payments service called clearXchange now makes it easier than ever for consumers to make person-to-person payments with a mobile number or even with an email address. Three United States banking companies anticipate that clearXchange will at some point replace traditional money transfers entirely. Don't worry; you will still be able to get a payday loan.
Pay a bit more for prepaid debit and PayPal to work
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 such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. The person-to-person clearXchange will only be given to the three banks' consumer base, but it will change to the mobile payment program soon.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said that the clearXchange is very simple, states 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."
Numbers about PayPal
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, states eBay, which is a 28 percent increase from last year. 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' enters the game
Mobile payment systems will be changed with the clearXchange, states Business Wire. This is because of 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."
Pay a bit more for prepaid debit and PayPal to work
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 such as eBay's PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. The person-to-person clearXchange will only be given to the three banks' consumer base, but it will change to the mobile payment program soon.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said that the clearXchange is very simple, states 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."
Numbers about PayPal
In the first quarter of 2011, PayPal processed $27.4 billion in payments with its 100 million active users that currently using it, states eBay, which is a 28 percent increase from last year. 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' enters the game
Mobile payment systems will be changed with the clearXchange, states Business Wire. This is because of 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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