Capital One to enable peer-to-peer money transfers via e-mail, mobile devices

Following the move, Capital One customers will be able to transfer money to a friend by logging into the bank’s website and entering their friend’s phone number or e-mail address. Capital One then pings the friend’s bank and allows the transaction. Customers of non-participating banks cannot currently send money but can receive transfers as long as they have registered on the ClearXchange website.

The number of people using their mobile devices to access bank accounts has grown more than 50% in the 2013, with almost one in three Americans saying they engage in mobile banking at least once a month, according to a recent survey by Accenture.

ClearXchange was founded in 2011 as a joint venture between Bank of America, J.P. Morgan Chase and Wells Fargo.

Capital One has USD 297 billion in assets and USD 204.5 billion in deposits.