The Associated Press reports that PayPal should be prepared for competition, because three ambitious banking giants are gaining. Bank of America, Chase and Wells Fargo have unveiled clearXchange, a mobile payments service that aims to simplify the person-to-person payment process. Three United States banking giants anticipate that clearXchange will eventually replace traditional money transfers entirely. Don't be concerned; you'll still be able to get a payday loan.
Lower charges than prepaid debit and eBay's PayPal service
Despite the fact that big banks originated the cavalcade of account fees that customers have begrudgingly paid for years, Bank of America, JPMorgan Chase and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old possibilities like prepaid debit cards and eBay's PayPal online payment program. Soon, the mobile payment service will be available for many individuals. For now, the person-to-person clearXchange will only go to the three banks' consumers.
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 figures
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent business on an annual basis.
This payment system is 'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive V.P.
"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."
Lower charges than prepaid debit and eBay's PayPal service
Despite the fact that big banks originated the cavalcade of account fees that customers have begrudgingly paid for years, Bank of America, JPMorgan Chase and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old possibilities like prepaid debit cards and eBay's PayPal online payment program. Soon, the mobile payment service will be available for many individuals. For now, the person-to-person clearXchange will only go to the three banks' consumers.
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 figures
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. PayPal's revenue hit $992.3 million, and eBay is confident PayPal's revenue will soon eclipse that of its parent business on an annual basis.
This payment system is 'An innovative game-changer'
Mobile payment systems will be changed with the clearXchange, reports Business Wire. This is due to how simple it is, according to Mike Kennedy, Wells Fargo's Executive V.P.
"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:
How often have you expected more details on where can i get a payday loan and turned to a web site search on fast online payday loans?" Your search is over, all the details you'll need is at http://MatchFinancial.com.
No comments:
Post a Comment