Bank of America, JPMorgan Chase and Wells Fargo have gotten together to challenge PayPal for online payment service superiority, states the Associated Press. A new mobile payments service called clearXchange will make it easier than ever for customers to make person-to-person payments via a mobile number or even with an email address. The banks imagine clearXchange replacing old-fashioned bank money transfers completely. Do not be concerned; you’ll still be able to get a payday loan.

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

In spite of the fact that big banks originated the cavalcade of account fees that consumers have begrudgingly paid for years, Bank of America, Chase bank and Wells Fargo are marketing the Charlotte, N.C. clearXchange as a much less fee-intensive program than old opportunities like prepaid debit cards and eBay’s PayPal online payment service. The person-to-person clearXchange will only be given to the three banks‘ consumer base, but it will change to the mobile payment service soon.

The Associated Press states that Jack Stephenson believes the clearXchange is very simple. Stephenson is JPMorgan’s Director of Mobile, eCommerce and Payments.

„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, reports 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 due to 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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