BTMU, KDDI to Launch Virtual Banking Services for Mobile Phone Users
Posted on: Thursday, 27 April 2006, 09:01 CDT
By Kyodo News International, Tokyo
Apr. 26--TOKYO -- The Bank of Tokyo-Mitsubishi UFJ and KDDI Corp. announced Wednesday they will jointly set up a bank that will offer money transfer, settlement and other financial services through mobile phones.
BTMU and the "au" mobile phone operator have agreed to establish a preparatory company, possibly in May. Japan's first Internet-based bank designed for handset users is expected to start operations in early 2007, they said.
Under the planned new service, mobile phone users with deposit accounts at the virtual bank will be able to buy goods at shops up to the limit of their balance.
The new service will allow money transactions between such users, using each phone number as an account number, while they are also able to purchase goods through Net auctions, with the money being withdrawn directly from their accounts.
KDDI expects to expand its commission revenues for the new service targeting its nearly 25 million subscribers.
BTMU and KDDI have yet to work out a limit for deposit balances and other details.
KDDI's planned tie-up with Tokyo-Mitsubishi UFJ is a response to rival NTT DoCoMo's expanding financial services based on mobile phones, analysts said.
NTT DoCoMo, the nation's largest operator, has launched an "iD" credit-payment-service using its mobile phones equipped with electronic-money functions for holders of credit cards issued by Sumitomo Mitsui Card Co.
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Source: Kyodo News International, Tokyo
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