After years of setbacks related mainly to technology and risk management, the person-to-person payments business is finally taking off for banks.

Believing banks are now eager to offer tools that let people pay each other electronically, CashEdge introduced a P-to-P transfer service earlier this summer. The announcement came at the same time as MasterCard's introduction of a mobile phone transfer service to its issuers. In addition, three Canadian telecom providers also recently introduced a similar mobile P-to-P payment service, and said all major Canadian are considering offering it to consumers.

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