![]() Bank of America, Wells Fargo and Chase are among the banks in a new venture called clearXchange, enabling customers to move money using a mobile number or email address, instead of providing checking account and routing numbers. ![]() The one benefit to being a Chase account customer on QuickPay is that only Chase customers can use the service to request money from others.Ĭhase also is part of a person-to-person payments consortium announced in May. Neither QuickPay user sees the other's account information. If he or she isn't enrolled and is sent money, then he or she receives an email alerting them that they have money waiting and must sign up for Chase QuickPay to receive it. A recipient must be enrolled in QuickPay to begin accepting payments. If someone has gotten an alert that they've received money, the consumer must log on to their Chase QuickPay profile and click "accept" to complete the transfer. Chase coordinates the direct transfer between banks. The online enrollment process includes registering a Chase checking account, or a checking or savings account at any other U.S. bank account, and at least one must have a Chase checking account. Bank announced Pay-A-Person, which also allows customers to send money to anyone nationwide by using the recipient's mobile number or email address.Ĭhase, which has more than $1 trillion in deposits and 20 million customers, says that since the beginning of 2011, more than 2 million customers have sent more than $1.4 billion through QuickPay.įor Chase's QuickPay to work, both consumers must have a U.S. State Farm plans to roll out new and faster enhancements to its person-to-person payment offerings starting in February. The amount sent is charged to a customer's Discover card account just like a purchase. The recipient signs into their PayPal account to receive the money if they don't have a PayPal account, they must sign up for one. When a Discover card holder sends money, PayPal sends a message to the recipient letting them know their money is ready. Vempati said he has also used Venmo and PayPal, but prefers QuickPay.īoth State Farm Bank and Discover Financial in 2010 established person-to-person payment programs powered by PayPal.ĭiscover introduced its Money Messenger service in October 2010. "That makes things so much easier, especially if your friends are forgetful." "I ended up paying for six to eight of my friends, and the best part about Chase QuickPay is you can request money from a person as well," he said. Sunny Vempati, 23, a Chicago software developer who started using the service more than six months ago, said QuickPay has been handy at restaurants that frown on dividing bills for multiple parties.Īt a pre-Thanksgiving dinner with a large group of friends, for example, Vempati found that the restaurant would take only three credit cards to pay the bill. "Not only that, but my family member was charged three times for the transaction."Ĭhase quickly resolved the situation, reimbursing the person who was charged three times, said Wiseman, who continues to use QuickPay. "This particular QuickPay took much longer, four business days, plus a weekend," said Wiseman. ![]() He said he has received money in less than 24 hours.Ī few weeks ago, however, a transfer of money to him by a family member seemed to end up in limbo. Tim Wiseman, a digital media marketing consultant in Akron, Ohio, said QuickPay has mostly worked well for him. Some consumers, though, have experienced hitches with QuickPay. "It takes a couple of days for non-Chase accounts to be verified, but you don't have to stop by the bank, you don't have to call anyone." "It was really, really easy for both of us," she said. Munasque said she has transferred funds to someone with a non-Chase account. "It seemed to fit my needs since I rarely write checks and do a lot of online banking already," said Munasque, 27.Ĭhase QuickPay transfers should take about one business day if the parties have Chase checking accounts, and two to five business days if one of the parties uses a different bank. She had seen Chase's QuickPay ad, which has been running on TV. Person-to-person mobile payments are still in their infancy in the United States, with only 4 percent of Web-connected adults using them in 2010, according to a report last month by Forrester Research Inc.īut those using the technology are enthusiastic about it: More than half of all mobile person-to-person payment users conduct such transactions at least monthly, and interest has been growing in the past three years, Forrester said.Ĭonsider Angela Munasque, a New York writer and editor who signed up for Chase's QuickPay service in early December after she had run out of checks. In many instances, all you need to send money to someone is their mobile number or email address. An increasing number of banks are rushing to offer or enhance person-to-person money transfer services.
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