Thaindian News

New York, May 25 (THAINDIAN NEWS) Banks in the United States are finding ways to meet the expectations of consumers and that includes how they receive and make payments. On Wednesday, three major banks in the country announced the introduction of virtual cash payments.

Bank of America Corp., Wells Fargo & Co. and J.P. Morgan Chase & Co. announced plans that will make the use of checks and cash obsolete. Instead, the new system will rival PayPal’s system which is on the increase in terms of popularity.

An expert on the subject, Mike Kennedy of Wells Fargo who is also the chairman of the new system told reporters that, “Customers want to move payments from paper to electronic methods, so if we can meet our customers’ financial needs, they will be better customers with us.”

It is believed that banks do not intend to be left behind in the revolution on how payments are made. Reports say Google is developing a system that will enable consumers make payment using their smartphones. The giant Internet company have declined to make any comment on the issue.

With the new arrangements, consumers can pay for goods and services electronically. The service is not yet available for use in person-to-person payments.