Big Banks Debut Clearxchange Mobile Payments Service

By Cornelius Nunev


Bank of America, Chase bank and Wells Fargo have gotten together to compete with PayPal for online payment program superiority, states the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo have launched clearXchange, a mobile payments program that aims to simplify the person-to-person payment process. Three United States banking companies anticipate that clearXchange will eventually replace traditional money transfers altogether. Do not be concerned; you will still be able to get a payday loan.

Using eBay's PayPal and prepaid debit cards will cost more

A lot of fees are given to consumers from banks. Still, Wells Fargo, Chase bank and Bank of America are still all suggesting that rather than using costly 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, 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."

Statistics 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 business.

'An innovative game-changer' enters the game

Mobile payment systems will be changed with the clearXchange, reports 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."




About the Author:



No comments:

Post a Comment