By Jim Donovan: It will soon be a lot easier to bank using just your phone. Bank of America, JP Morgan Chase and Wells Fargo are teaming up to launch a service called Clear Exchange. It will allow users to send payments using only a cell phone number or e-mail address, removing the hassle of tracking down a routing or account number. The service, which should be available in the coming months, is widely seen as a major challenge to Pay Pal.
Meanwhile, Google will unveil its own mobile payment service today. This digital wallet system will be available on phones from Sprint Nextel. The service will let customers with specially equipped phones that have Google’s android operating system pay for items and redeem coupons at cooperating stores. For more information on the Google announcement, here is a link to our partners at CNET.