Advertisment

Cellphones set to become e-wallet

author-image
CIOL Bureau
New Update

TOKYO: Japan's Sony Corp and NTT DoCoMo Inc said that they would set up a joint venture to develop smart-card chips that allow consumers to use their cellphones as an electronic wallet and commuter pass.



The venture, to be established next January, will be capitalised at about six billion yen ($55 million).



Sony, the world's largest consumer electronics maker, will hold a 60 percent stake in the venture with the rest owned by DoCoMo, Japan's dominant wireless telecoms operator.



The venture will develop a chip based on Sony's FeliCa non-contact smart-card technology.



Sony's FeliCa-based smart cards have been used at 2,700 convenience stores, including am/pm Japan Co outlets, for settlement of bills, using the "Edy" electronic money service.



Reuters

tech-news