When I pay my barber $20 cash, I don’t ask him if that money will work or where he banks.
When I pay the dogsitter with a $25 check (dogs outrank my head), I don’t ask her where she banks.
But to use this new P2P mobile payments system, clearXchange, I’m going to have to ask those questions.
I realize that between Wells Fargo and Bank of America, you are getting a big piece of America. Maybe bigger than Texas! But creating a mobile payment system that works for just some banks is like a state creating their own currency. But maybe worse, because at least a lot of my transactions (barber, dogsitter) are happening within my state borders.
Are you a WF or BOA customer? Have you tried this? Will you?
Guest blogger Jeb Cashin thinks about banking at Harland Clarke by day… and often at night.
A note from Bob Williams – I’ve known Jeb for about 15 years and we share a common employer. He’s been a colleague, an internal customer, and my direct manager during that time. Many thanks to him for providing this thoughtful and entertaining look at the landscape of payments.