Danal, a mobile payment company based in Korea, is set to introduce its BilltoMobile payment service on the US market before September 2009, Korea Herald reports.

The service allows customers to charge their online purchases to their mobile phone bill. After selecting BilltoMobile at checkout, US customers must enter their mobile phone number as well as their own personal identification number (their voicemail password or last-4 digits of social security number) and then input the one-time password they immediately receive via SMS which can be used as an authentication code on the internet to complete the purchase. The latter will be charged to their next mobile phone bill.

The company has already closed a deal with a US mobile carrier, whose name has not been made public, to offer mobile phone-based payment services. Danal expects to reach USD 300 million in revenues in the US within five years and it also plans to tap into the Canadian and UK market.