posted on October 5, 2000 11:14:14 PM
With all the hoopla recently about payment companies/options in the US, I thought it might be refreshing to let people how it works for me in Japan.
The two main ways people accept payment here in Japan are through Postal Saving accounts (basically a bank account through the Japanese Post Office) and bank transfers. If someone sends me their Postal Savings Account # and their name, I can go into any post office, and for around $3, deposit money into their account. And believe it or not, bank transfers are even easier. Someone sends me their bank name, branch office city, and their account number. I can go to any ATM, and for about $1-3 (depends on day & time), send them money. That's it.
After learning how things are in Japan, I often wonder why this isn't possible in the US. I mean, think about it, I can withdraw money from my account from anywhere in the US, even many places in the world. Why isn't it possible for people to send each other money from an ATM? The system is already there. I'm sure banks could set it up, charge $2-3 a pop, and people would eat it up.
Of course, I realize there are a lot of differences between the US and Japan. Like for instance, the ATM withdrawal limit in Japan is about $10,000. When I bought my computer here, I withdrew the cash for it that morning. Then again, I'd feel a whole lot safer walking around Tokyo with that much money in my pocket, even down a dark alley, than pretty much anyplace in the US. I mean, the last time I was back in the states, at McDonalds they checked the $20 bill I paid with.
