KDDI Seeks Banking JV

KDDI said on Thursday it was in talks with the Bank of Tokyo-Mitsubishi UFJ to set up a new bank that would allow shoppers to pay for their purchases electronically using their mobile phones. Among the possible options, KDDI’s “au” brand mobile phone customers would be able to have bank accounts linked to their phones and use the devices to spend money up to the account balance, a KDDI spokesman said.  

The Yomiuri daily said earlier that KDDI and the core banking unit of Mitsubishi UFJ Financial Group (MUFG) will likely set up a joint venture as early as this year and aim to provide the service next year. KDDI had a total of about 25 million mobile subscribers at the end of March, according to the Telecommunications Carriers Association data. Continue>>