Yesterday, I wrote about the speculation that Google and Sprint may announce a mobile payment partnership sometime this week.
In all likelihood, this will involve phones that have NFC (Near Field Communications) built into the hardware. Very few phones today include NFC. So, this mobile payment system would have a limited customer base to begin with.
However, Bank of America, JPMorgan Chase and Wells Fargo announced a new service that lets people transfer funds to one another by just using the phone number or email address of the person they want to transfer funds to.
Customers of the three banks will be able to move funds directly from their existing checking accounts using an email address or mobile number – instead of providing checking account and routing numbers.
The current limitation is that both people in the fund transfer transaction need to be a customer of one of the three banks involved in this venture.
I wonder what happens if the person sending the money mistypes an email address or phone number? If the person who accidentally receives funds also has an account with one of the three banks, who actually receives the funds?
The joint venture’s website is:
CLEARXCHANGE was registered as a trademark by Well Fargo & Company on August 3, 2010.
Via USA Today: Banks offer cash transfers via cell number, e-mail address