NTT Docomo To Enter Japans Credit Card Market

Thursday 21 April 2005 10:00 CET | News

Mobile phone company NTT DOCOMO plans to enter the credit card market with the purchase of a stake in SUMITOMO MITSUI CARD CO.

DoCoMo will purchase a stake in Sumitomo Mitsui Card from SUMITOMO MITSUI FINANCIAL GROUP INC. The two sides are currently negotiating the size of DoCoMos interest, with DoCoMo looking to secure a 33.4 per cent share so that it can gain veto power. The firms would jointly offer a credit card payment service that uses cell phones with built-in smart-card functions.

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Categories: Payments & Commerce | Payments General
Countries: World
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