NTT Docomo Launches Wireless Phone Credit Card Service
EE Times reports that NTT Docomo has announced a new phone-based credit card service.
NTT Docomo will collaborate with Sumitomo Mitsui Financial Group Inc. (SMFG), Sumitomo Mitsui Card Co. Ltd. and Sumitomo Mitsui Banking Corp. (SMBC) to establish a platform for a credit-payment service using Docomo's phones equipped with the Felica wireless IC chip for cashless payments.
Under the deal, Docomo will shortly launch a new credit card brand and acquire 34 percent of the equity of Mitsui Card, paying approximately 98 billion yen (about $925 million). Docomo expects that Sumitomo's card network will accelerate deployment of its new credit card network.
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