A Bank For Cell Phone Shopping

Bank of Tokyo-Mitsubishi UFJ is in advanced talks with KDDI to jointly launch a new bank that will allow customers to settle store purchases using their cell phones, reports Nikkei.

Subscribers to KDDI who open accounts at the new bank will be able to make purchases in amounts not exceeding their deposit balances by flashing their mobile handsets at readers installed at stores. Unlike cell phones with electronic money functions, the service will enable users to buy expensive items, enhancing their convenience.

When cell phone subscribers using the new service go shopping, the purchase amounts will automatically be deducted from their accounts at the new bank. Users will also be able to make online purchases as well as download music.

Regine | 7:30 AM | SMS and Banking |
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