Sumitomo Mitsui Financial Group and mobile carrier SoftBank will collaborate in the field of digital payment services, it was learned Wednesday.
Under the partnership, the PayPay smartphone payment service operated by a SoftBank affiliate will be made available via the Olive general financial app, provided by Sumitomo Mitsui Banking, the core unit of the financial group.
Sumitomo Mitsui, through its Sumitomo Mitsui Card unit, will form a comprehensive partnership with SoftBank and PayPay that will be announced soon.
The two sides will allow points in their respective reward programs to be exchanged. They will also collaborate on the use of data and generative artificial intelligence.
Olive has about 5 million accounts while PayPay has about 69 million users. Consolidating the two services may further intensify competition for customers.
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