Wells Fargo & Co. introduced a mobile phone customer-to-customer payment service Thursday that enables one Wells Fargo customer to transfer money to another.

To set up the service, users must log on to Wells Fargo's online banking site, add the account number of the recipient and make an initial transfer, the San Francisco banking company said.

Subsequent transfers can be initiated with the customer's mobile phone or online.

"The added ability to transfer funds while on the go will be especially helpful for parents who have kids in college this fall as well as for students who need quick access to money at the last minute," Arah Erickson, a vice president at Wells Fargo and head of its retail mobile banking unit, said in a press release.