Japan’s NTT DOCOMO released a new service that will enable an subscribers to use their DOCOMO mobile phone to send money to another DOCOMO user, from July 21. PayPal Mobile offer a similar service in the US.
Customers of DOCOMO’s i-mode™ mobile Internet service on the FOMA™ 3G network will be able to remit up to 20,000 yen (about 208 U.S. dollars) per transfer, basically just by inputting the payee’s mobile phone number.
How it works
1. The payee receives a mail notification via their DOCOMO mobile phone and is given the option of depositing the money in a domestic bank account or having the amount credited to their monthly DOCOMO phone bill.
2. The payee can receive remittances totaling up to 200,000 yen (about 2,080 U.S. dollars) per month.
3. In addition to anytime, anywhere convenience, DOCOMO’s mobile remittance service does not require the payee to register for the service or open a new bank account.
4. As the payer only requires the payee’s phone number to make the remittance, the payee does not have to divulge any private banking details.
DOCOMO hopes that customers see the service as an easy way to take care of money matters with friends and acquaintances, such as transferring money to a family member or settling up one’s cost of a dinner with a group of colleagues.
The charges per payment (including consumption tax) will be 105 yen for the payer and 65 yen for the payee.
The payee is not charged, however, if the remittance is deposited into a Mizuho Bank account or credited to their monthly DOCOMO phone bill.
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