3 Big Banks Launch Pay By Cell And Email System Called clearXchange

Three of the nation’s biggest banks have teamed up to offer a new payment service that lets you transfer money from your bank account using only a cell phone number or email address. It’s called clearXchange and it’s being offered to Chase, Bank of America and Wells Fargo customers. An inkling of how it will work is revealed on the initiative’s placeholder web page.

“All our customers need to know is the email address or mobile number of a friend or family member and we will take care of the rest utilizing clearXchange,” says the site. How that hooks up with getting the money into their bank account remains to be seen, but no doubt the service will offer new conveniences for both consumers and scammers alike.

Google and PayPal meanwhile have been scrambling to execute mobile-based payment solutions, with the search giant’s rumored to launch this week. Expect big things to come fast and furious in this huge growth potential area.

ClearXChange [Official Site]