ClearXchange – Paypal’s new Competition
Three top banks in the US are collaborating to create a service that will allow users to login to an online bank account and transfer money to another person simply by entering their name and mobile number. The service will be rolled out by Bank of America, JPMorgan Chase and Wells Fargo, which formed a new venture called ClearXchange to create the product.
The service, said to be the first bank-owned offering of its kind, was made available to partner businesses yesterday. The banks did not mention when the service will be made available to the general public. Bank customers will be able to move funds directly from their existing accounts by using an email address or mobile phone number. The service will eventually be rolled out all over the US, and there are plans to expand it over time to include other countries as well. No news on when this would be available to us in India.