Mizuho, Rakuten to Jointly Issue Credit Card

Tokyo, Nov. 14 (Jiji Press)--Mizuho Financial Group Inc. and Rakuten Group Inc. said Thursday that they will jointly issue a new credit card on Dec. 3.

The move comes after the Japanese banking group said Wednesday that it will acquire a stake of slightly less than 15 pct in Rakuten Card Co., a unit of the e-commerce firm.

The new card will be issued by Rakuten Card in collaboration with Mizuho Bank, a banking arm of Mizuho Financial.

The combination of Rakuten, which is strong in digital technology, and Mizuho, which is good at face-to-face services, has the potential to deliver a wide range of services, Mizuho Financial Group CEO Masahiro Kihara said at a press conference.

The new card allows holders to use Mizuho Bank’s automated teller machines and fund transfer services free of charge. Holders also can receive Rakuten points equivalent to 1 pct of the value of payments using the card.

[Copyright The Jiji Press, Ltd.]