The Associated Press states that PayPal should be prepared for competition, because three ambitious banking giants are gaining. A new mobile payments service called clearXchange now makes it easier than ever for customers to make person-to-person payments with a mobile number or email address. The plan is for clearXchange to get rid of traditional transfers entirely. Do not fret; you will still be able to get a payday loan.
Pay 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 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' customer base, but it will change to the mobile payment service soon.
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 is quite large
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 claims 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.
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. What will follow is anybody's guess.
"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.
Pay 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 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' customer base, but it will change to the mobile payment service soon.
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 is quite large
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 claims 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.
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work. What will follow is anybody's guess.
"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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