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DoCoMo to launch mobile remittance service

9 Comments

NTT DoCoMo Inc will launch a new service that will enable an individual subscriber to use their DoCoMo mobile phone to easily and quickly remit money to another DoCoMo user, beginning on July 21.

Customers of DoCoMo's i-mode mobile Internet service on the FOMA 3G network will be able to remit up to 20,000 yen per transfer, basically just by inputting the payee's mobile phone number. 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. The payee can receive remittances totaling up to 200,000 yen per month.

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. In addition, since the payer basically only requires the payee's phone number to make the remittance, the payee does not have to divulge any private banking details.

DoCoMo envisions customers using the service as a fast and 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.

DoCoMo received approval from the Kanto Local Finance Bureau on June 30 to launch and operate the service as a bank agent on behalf of Mizuho Bank.

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.

The service will not be available to corporate subscribers.

© JCN

©2020 GPlusMedia Inc.

9 Comments
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brilliant.

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I wonder whether, if this thing gets off the ground and reaches a critical mass, the loving, caring folks at DoCoMo will start charging for each transaction?

Of course they'll be free to get people in to start with, but caveat emptor...

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What's JCN? Just curious.

Moderator: Japan Corporate News Network

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Fabulous way to pay for the group dinners in particular ..........

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great idea, lets see softbank and au follow suit and allow payments to/from anyone on any network

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169 yen charge just to avoid getting cash out of your wallet..err no thanks. I can see this innovation being of great interest to the criminal elements of society.

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Doesn't Paypal already do this?

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169 yen charge just to avoid getting cash out of your wallet..err no thanks. I can see this innovation being of great interest to the criminal elements of society.

Exactly. Think quickie 200,000 extortions and "kidnappings" - teen gangs grabbing an adult victim. Just makes the old "ore ore" trick easier than ever.

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Any reason why JCN drop an N from their acronym? Or is it just something Japanese that foreigners just wouldn't understand?!

Weasel - Yes, Paypal does I think.

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