Japan Electronic Settlement Planning Inc. has concluded a tieup agreement with U.S. online payment service provider PayPal for an electronic bank it plans to establish in April, the company has said.
The deal will enable consumers with accounts in the new bank, tentatively called e Bank, to make remittances via e-mail from August, the Tokyo-based company said Thursday.
Money will be automatically sent when a customer inputs a receiver's e-mail address and the remittance amount.
PayPal's service is widely used for auctions and other payments over the Internet in the United States. It currently has some 6 million accounts. Japan Electronic Settlement Planning is jointly owned by Itochu Corp., Japan Telecom Co. and other companies.