JPMorgan, Wells Fargo and BofA offer new payments service

JPMorgan Chase, Bank of America and Wells Fargo have joined the battle for consumers making payments and transferring money. The banks have launched a service that allows consumers to send money to one another using their checking accounts and an e-mail address or mobile-phone number. "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," said Mike Kennedy, chairman of the new payments venture.

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