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Clearxchange Takes On Paypal

By Cornelius Nunev

Bank of America, JPMorgan Chase and Wells Fargo have banded together to compete with PayPal for online payment service superiority, states the Associated Press. Bank of America, Chase and Wells Fargo now are offering clearXchange as a more affordable, simpler alternative to mobile payment services like PayPal. Three U.S. banking companies anticipate that clearXchange will eventually replace traditional money transfers altogether. Do not fret; you’ll still be able to get a payday loan.

Pay a bit more for prepaid debit and PayPal to work

A lot of fees are given to consumers from banks. Still, Wells Fargo, Chase bank and Bank of America are still all suggesting that instead of using expensive things such as eBay’s PayPal and prepaid debit cards; they should use the Charlotte, N.C. clearXchange. Soon, the mobile payment service will be accessible for several individuals. For now, the person-to-person clearXchange will only go to the three banks’ consumers.

The Associated Press reports 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.”

PayPal a large oak to fell

According to eBay, PayPal currently carries about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. The revenue at PayPal hit $992.3 million. Now, eBay is sure that PayPal will annually make more money than its parent business.

There’s ‘An innovative game-changer’

Business Wire spoke with Wells Fargo Executive V.P. Mike Kennedy who said the simplicity of clearXchange will change how mobile payments work.

“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 many times have you needed addiitional information on types of payday loans and resorted to an internet search on apply for a payday loan?” Look no further, all the details you will need is at!

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Article Citation
MLA Style Citation:
Nunev, Cornelius "Clearxchange Takes On Paypal." Clearxchange Takes On Paypal. 14 Apr. 2014. 15 Aug 2014 <>.

APA Style Citation:
Nunev, C (2014, April 14). Clearxchange Takes On Paypal. Retrieved August 15, 2014, from

Chicago Style Citation:
Nunev, Cornelius "Clearxchange Takes On Paypal"

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