Sumitomo Mitsui Card and Visa Worldwide Japan announced a new payment service, Flexible Pay, on February 3.
Existing Visa-branded cards have one credit/debit/prepaid (points payment) function per card, but Flexible Pay integrates the card and points program into a single card/account, allowing users to select a payment method for each transaction and use it in different ways, such as by selecting the payment method in an app. Flexible Pay integrates cards and loyalty programs into a single card/account, and allows users to select and use different payment methods for each transaction.
Flexible Pay will be offered in March with a Visa card integrated with the cash card of Olive, a personal financial service of SMBC Group, which was announced on the same day. The card has four functions in addition to the bank’s cash card function: credit, debit, and prepaid. The actual card has a bank card design on one side and a Visa card design on the other. The actual card has a bank card design on one side and a Visa card design on the other side, making it the first card in the world to have no card number or account number on the face of the card.
The annual fee for issuing a card is waived for the Standard Card, 5,500 yen for the Gold Card (waived for the first year), and 33,000 yen for the Platinum Card (waived for the first year).
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