NTT DoCoMo developing ATM phone cash service

NTT DoCoMo developing ATM phone cash service

Japanese wireless carrier NTT DoCoMo is developing a service which would allow consumers to withdraw cash from ATMs using their mobile phones, according to a report in the Nihon Keizai Shimbun business daily.

IY Bank, a unit of retailer Ito-Yokado, and DoCoMo will jointly launch a service allowing account holders to use DoCoMo's 504i series handsets to access the bank's ATMs, says the report.

The service would enable users of the high-speed handsets to deposit or withdraw cash, the report said. The handsets would be equipped with a chip storing account information.

The initiative, understood to be the first of its kind in the world, was confirmed by an IY Bank spokesman. The service is unlikely to be available before March 2003, he added.

One-year old IY Bank has 4098 ATMs nationwide, primarily located at supermarkets and convenience stores, and aims to boost the number to 5000 by the end of March 2003.

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