NTT DoCoMo rolling out mobile payments program

Japanese operator giant NTT DoCoMo announced it will launch a new mobile payments service enabling consumers to send money to fellow subscribers. The service, which launches July 21, allows DoCoMo's i-mode mobile web customers to remit up to 20,000 yen (about $208 U.S.) per transfer by inputting the recipient's mobile phone number--the recipient receives a mail notification via their DoCoMo handset, and is given the option of depositing the money in a domestic bank account or having the amount credited to their monthly phone bill. Subscribers can receive remittances totaling up to 200,000 yen (about $2,080 U.S.) per month. DoCoMo adds that the service does not require user registration or new bank accounts, noting that it envisions customers using the service as a means to take care of money matters with friends and acquaintances--for example, transferring money to a family member or settling up one's cost of a dinner with a group of colleagues. The service will not be available to corporate subscribers.

NTT DoCoMo notes it 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. While charges per payment (including consumption tax) will total 105 yen for the payer and 65 yen for the payee, the latter is not charged if the remittance is deposited into a Mizuho Bank account or credited to their monthly DoCoMo bill.

For more on the NTT DoCoMo payments program:
- read this release

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