Japan's DoCoMo eyes cash transfer by cellphone

Japan's top mobile telephone operator NTT DoCoMo said Wednesday it aimed to launch a new service enabling cash transfers simply by entering the recipient's cellphone number. Reuters reports.

After applying online, users would be able to send money to another DoCoMo subscriber's bank account even if they do not know their bank details. The amount will be charged to the sender's phone bill, said company spokesman Taishi Hoshino. "We hope to begin the service as early as this summer," he said.

Transfers are expected to be limited to about 30,000 yen (316 dollars) a month for each subscriber, he said. Further details such as DoCoMo's banking partner and the service charge will be decided soon.

emily | 10:18 AM | SMS and Banking |
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