|Companies form alliance to launch e-wallet service|
Posted: 28-Apr-2005 [Source: NTT DoCoMo]
[NTT DoCoMo and the Sumitomo Mitsui group of financial companies have formed an alliance to launch credit-payment service using NTT DoCoMo's "Mobile Wallet" phones equipped with smart-card functions for cashless payments. ]
Tokyo -- NTT DoCoMo, Inc., Sumitomo Mitsui Financial Group, Inc. (SMFG), Sumitomo Mitsui Card Co., Ltd. and Sumitomo Mitsui Banking Corporation (SMBC) today jointly announced that they agreed to form a strategic, business and capital alliance for the launch of a credit-payment service using DoCoMo "Mobile Wallet" phones equipped with smart-card functions for cashless payments.
DoCoMo will introduce a new brand for the service, whose platform will be jointly developed by DoCoMo and Sumitomo Mitsui Card. At the time of the service launch, DoCoMo will issue a new credit card (conventional plastic card with an international credit card company's brand) that can be used in conjunction with the Sumitomo Mitsui Card.
Sumitomo Mitsui Card will leverage its expertise as a general credit card company to establish infrastructure for mobile credit-card payments ranging from small to large amounts, including the installation of terminals at member retail shops nationwide to enable customers to make payments with mobile-wallet handsets. The company will promote mobile-wallet services by merging them with existing services.
SMBC, meanwhile, will develop ATMs compatible with mobile-wallet handsets to offer customers enhanced convenience through its ATM networks.
As part of the tie-up, DoCoMo plans to acquire 34% of Sumitomo Mitsui Card's common shares for approximately 98 billion yen, including new shares to be issued by Sumitomo Mitsui Card.
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