Friday, May 27, 2011

Paypal attacked on two fronts: today's happy news!

PayPal, which is planning a mobile phone payment service, is suing Google, which announced yesterday a similar service, called Google Wallet. PayPal is alleging intellectual theft and betrayal.
     Its suit alleges that Google hired a former PayPal employee, Osama Bedier, in order to steal PayPal's trade secrets and to pick Bedier's brain.
     Meanwhile, three of the biggest banks in the U.S., JPMorgan Chase, Wells Fargo and Bank of America have announced a joint venture which will allow customers to use computers or smartphones to pay other parties via their checking accounts. Their venture, called clearXchange, won't require them to set up a new account or disclose personal information, as PayPal requires. Eventually clearXchange will be open to all financial institutions.

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