NTT DoCoMo customers can remit up to $208 just by inputting the DoCoMo payee’s mobile phone number

NTT DoCoMo announced a new service that will enable an individual subscriber to use their DOCOMO mobile phone to easily and quickly remit money to another DoCoMo user, beginning on July 21 in Japan. Customers of Do Como’s i-mode mobile Internet service on the FOMA 3G network will be able to remit up to 20,000 yen (about 208 U.S. dollars) 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 2,080 U.S. dollars) 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