Mobile Phones are one step closer to being the only thing you will ever need. Yesterday, DOCOMO, Japan’s largest cell phone provider announced their plans to release a cell phone remittance service. DOCOMO cell phone users will be able to send money to another DOCOMO user using just their cell phone. The a payer can send up to  is $208 per transaction and payee can receive up to $2080 per month. When a user sends money, they put in the phone number they want to send it to. That money can either be deposited in a bank account or to the recipient’s cell account to pay for their bill.

The service was envisioned by DOCOMO to be used by people to pay friends and family. For instance if you are at dinner with friends and no one has any cash on them, one person can just take the bill and everyone else just transfers what they owe, using their phone.

However there is some fees for the service. It costs the payer about a dollar to send it and the payee about sixty cents. This is per transaction of course. Maybe they should look into a percentage charge up to a certain limit. If I owed a friend five dollars then I would definitely not send it through DOCOMO remittance but if it was $200, I would have no problem.

Nonetheless, it is cool stuff

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