Capital One Financial Corp. has joined the P2P network ClearXchange, bringing the nation’s seventh-largest bank, and its 50 million customers, into a network that already contains JPMorgan Chase, Bank of America and Wells Fargo & Co. ClearXchange’s collection of banks constitutes fully 50% of the mobile banking customers in the United Sates, according to Karen Webster, CEO of Market Platform Dynamics. Wells Fargo counts about 12 million mobile users, Bank of America about 15 million, and JPMorgan Chase about 16 million. The McLean, Va.-based Capital One is strong in digital, with two-thirds of its deposit and credit customers accessing the bank digitally, according to a December Bank Innovation report. The bank counts about 16 million deposit accounts, which includes 7 million all-digital customers inherited from ING Direct, now Capital One 360. P2P, or person-to-person payments, is a hot space in the fintech world, with major players such as Fiserv, Square, PayPal, Venmo (a PayPal company), Google Wallet and Dwolla offering popular services. ClearXchange’s service is whitelabeled for banks, and is known by different names at different institutions, such as Send Money at Bank of America and QuickPay at Chase. 54% of P2P users are young (18 to 29) according to a 2013 [...]
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