Japan’s DoCoMo Eyes Cash Transfer by Cellphone

Technology.am (May 28, 2009) — Japanese top mobile telephone operator NTT DoCoMo aims to launch a new service enabling cash transfers simply by entering the recipient’s cellphone number.

docomoAfter 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 company spokesman Taishi Hoshino said the amount will be charged to the sender’s phone bill and transfers are expected to be limited to about 30,000 yen (316 dollars) a month for each subscriber.

DoCoMo this move follows deregulation in the banking sector allowing non-financial firms to provide such services as money withdrawals, deposits and transfers, as well as personal loans.

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