DoCoMo to Launch Mobile Money Transfer Service

Japan's DoCoMo has announced a service that will enable an individual subscriber to use their DoCoMo mobile phone to easily and quickly remit money to another DoCoMo user.

Customers of DoCoMo's i-mode mobile Internet service on the 3G network will be able to remit up to 20,000 yen (about US$208) 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 (about US$2,080) 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.

Posted to the site on 2nd July 2009