My Way News - Banks offer cash transfers to cell numbers, emails
My Way News reports: "Three of the nation's four largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or email address [...] The service is a joint venture between Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. The banks expect to add other financial institutions, eventually creating an industry-wide utility for moving money [...] The service is a direct threat to PayPal, which dominates the market for online electronic payments with nearly 100 million active users."

Comment: An interesting development in mobile commerce.