Japanese wireless carrier NTT DoCoMo is teaming with Mizuho Bank on a service that will let customers make cash transfers through their handsets simply by entering the recipient's mobile number.
According to local press reports, customers will be able to send money to the bank accounts of any DoCoMo subscribers as long as they know the recipient's phone number. No bank account details will be necessary.
NTT DoCoMo will transfer the money on behalf of Mizuho through the bank agency scheme, which was introduced in 2006, allowing non-financial firms to provide services such as withdrawals, deposits and transfers.
Transfers will be charged to the sender's phone bill, with a monthly limit of 30,000 yen.
The service is expected to launch this summer if the telco receives approval from the Financial Services Agency.