NTT DoCoMo is joining the mobile money market with its own remittance service. Starting from July 21st, individual users (as opposed to corporate customers) of the carrier’s i-mode service will be able to remit up to 20,000 yen (about $208) per transfer by simply inputting the payee’s mobile phone number. The payee then receives a mail notification on its mobile phone and is given the option of depositing the money in a domestic bank account or having the amount credited to their monthly phone bill. The payee can receive remittances totaling up to 200,000 yen (about $2,080) per month.
Best of all, the service doesn’t require any registration or opening of a specific bank account!
Cost wise, the charges per payment (including consumption tax) will be 105 yen for the payer and 65 yen for the payee. The payee is not charged, however, if the remittance is deposited into a Mizuho Bank account or credited to their monthly phone bill.