Suddenly, More Electronic Payment Options

All of a sudden, mobile electronic payment seems to have become a popular business model, with PayPal and Google Checkout – the leaders in the electronic payment field – soon to have plenty of company.

Bank of America, JPMorgan Chase, and Wells Fargo have announced they are teaming up to provide an electronic money-moving system called clearXchange. In a statement, the three major banks said the new service will allow consumers to move money conveniently and safely using their mobile phones or an email address.

The banks say the new system replaces the need for an external account, like PayPal requires. Money is sent directly to a mobile number or email address.

ClearXchange will be headquartered in Charlotte and all three banks will have a hand in its operation.

At the same time, Google is reportedly teaming with Citibank, Mastercard and Sprint to provide a mobile payment service of its own. Google has scheduled a press event in New York Thursday, at which time it is widely expected to announce a service that will allow consumers to pay for purchases using their Android smartphones.

Reuters reports the new service will initially be available in New York, Los Angeles, Chicago, Washington and San Francisco. In addition to paying for goods with a mobile device, the Near Field Communications (NFC) payment system will also reportedly allow consumers to redeem coupons from their mobile devices at the cash register.

What about your iPhone?  So far there's no indication Apple is planning anything similar.