Sony Finance International is to begin issuing credit cards that will also serve as non-contact IC (integrated circuit) cards, according to a report from Asia Pulse.
The company claims the new cards will be more secure than previous methods with payment made by displaying the card before a special reader connected to the user's computer, says the report. Users will no longer have to key in card numbers or passwords, or deal with encryption to make payments.
Asia Pulse says the company aims to issue two million cards in three years, with roll out beginning April 2002, for turnover of 450 billion yen ($3.66 billion). It hopes to sign up 20,000 participating online merchants.
According to the report, the new cards will also work with Sony's electronic money standard, Edy and will carry the Visa brand through a tie-up with Sumitomo Mitsui Card Co.