The Associated Press reports that PayPal should check its rear-view mirror, because three cut-throat banking giants are gaining. Bank of America, Chase and Wells Fargo now offer clearXchange as a cheaper, simpler option to mobile payment businesses like PayPal. The idea is for clearXchange to get rid of traditional transfers totally. Don't fret; you will still be able to get a payday loan.
Pay a bit more for prepaid debit and PayPal to work
Bank of America, Chase bank and Wells Fargo are suggesting that the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. Only customers 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.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said 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."
PayPal a big oak to fell
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. 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. I wonder what they are using as evidence?
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said that the simplicity of clearXchange will change how mobile payments work. More information will keep coming out.
"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." How do you think this will end for PayPal?
Pay a bit more for prepaid debit and PayPal to work
Bank of America, Chase bank and Wells Fargo are suggesting that the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay's PayPal, even though banks bring on the fees. Only customers 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.
Jack Stephenson, JPMorgan's Director of Mobile, eCommerce and Payments, said 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."
PayPal a big oak to fell
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. 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. I wonder what they are using as evidence?
'An innovative game-changer' enters the game
Business Wire spoke with Wells Fargo Executive Vice President Mike Kennedy who said that the simplicity of clearXchange will change how mobile payments work. More information will keep coming out.
"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." How do you think this will end for PayPal?
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