JPMorgan Joins Banks With Real-Time Payments to Vie With PayPal

JPMorgan Chase & Co. has joined U.S. rivals including Bank of America Corp. and U.S. Bancorp in letting customers transfer money between the lenders in real time, challenging ventures including PayPal Holdings Inc.’s Venmo.

JPMorgan, whose Chase QuickPay product handled $20 billion in peer-to-peer transfers last year, began offering the service Sunday after customers requested it, said Barry Sommers, chief executive officer of the firm’s consumer bank. U.S. Bank and Charlotte, North Carolina-based Bank of America have been offering the same service since March, the companies said.

More lenders will likely join soon, said Mary Harman, managing director of ...