Mizuho Financial Group expands cashless payments business
With the objective of implementing group-wide initiatives for expanding its cashless payments business, Mizuho Financial Group and Mizuho Bank will partner with Orient Corporation and UC Card on efforts to strengthen its credit card business and respond to the ongoing spread of new payment services.
Recently the financial institution concluded a basic agreement with Credit Saison regarding the termination of their Comprehensive Strategic Business Alliance Agreement. However, it will maintain a beneficial partnership with Credit Saison, and there will be no change to our service offerings for the Mizuho Mileage Club Card (MMC Card). In order to respond to customers’ diverse needs, Mizuho will further expand its offerings from the MMC Card line-up from Orico/UC Card, introduce a MMC Card function within the smart phone app, and take other steps to enhance the convenience and appeal of our products and provide services with high added-value.
Mizuho has also consolidated its credit card issuing, acquiring, and processing businesses. By consolidating the credit card issuing and acquiring businesses conducted by Orico/UC Card within the group, the firm says it will be able to enhance synergy and provide more effective and high value-added services.
The roll-out of a shared IT system used by Orico/UC Card has put in place infrastructure foundations that will enable a flexible approach to cashless payments business. Using this infrastructure foundation, Mizuho will also seek to expand its merchant services and leverage its card processing business to enhance the cashless payments environment.
The institution says it is also seeking to expand its cashless payments business through new payment services such as those enabling users to pay via smart phone or QR code. In March, Mizuho Bank will begin offering a payment service called J-Coin Pay. In partnership with UC Card, it will aim to expand the member store network accepting J-Coin Pay.