TOKYO-Japan’s IY Bank plans to launch in 2003 a mobile banking service that will let bank customers withdraw or deposit money with their mobile phones. The service will initially be available to users of NTT DoCoMo’s 504i handsets.
The 504i handset is equipped with infrared functionality. By fully using the infrared technology, bank customers can withdraw or deposit money using automated teller machines (ATMs) through the bottoms of the handset.
IY Bank, a banking business unit of Itoyokado Group, a major supermarket chain in Japan, operates 3,650 ATMs around the country. Many Japanese banks are providing ordinary mobile banking services, however, the IY Bank service will be the first banking service using mobile phones without banking cards.
