NTT DoCoMo, Sumitomo Mitsui Financial Group, and Others Form Alliance

Apr 29, 2005

NTT DoCoMo, Sumitomo Mitsui Financial Group, Sumitomo Mitsui Card and Sumitomo Mitsui Banking jointly announced that they have agreed to form a strategic, business and capital alliance for the launch of a credit-payment service using DoCoMo's "Mobile Wallet" phone equipped with smart-card functions for cashless payments. NTT DoCoMo will issue a new credit card that can be used in conjunction with the cards issued by Sumitomo Mitsui Card. Sumitomo Mitsui Card will establish infrastructure for mobile card payment Sumitomo Mitsui Banking will develop ATMs compatible with mobile wallet handsets. As part of the partnership, NTT DoCoMo plans to acquire 34% of Sumitomo Mitsui Credit's common shares for about 98 billion yen ($915 mil).