Sony Corp. plans to offer a new electronic payment service based on an integrated circuit card, domestically and overseas, company officials said Thursday.
The new service, developed by Sony and called Edy, will enable users to make payments at stores by simply showing the IC card to electronic cash registers without swiping it through a machine.
Users can also connect the IC card to their personal computer to make payments online. The service will be available in Japan first, scheduled to begin in October.
Sony did not disclose details of the planned service abroad, but industry officials said the company will probably seek an alliance with major foreign financial institutions, such as Citigroup Inc. of the United States.
Sony's U.S. unit has already been involved in a tieup with Citigroup since 1998 in the U.S. credit card business.
Sony's IC card can store details about the cardholder's bank account, such as the deposit balance. When the card's balance becomes low, the user can transfer money electronically from bank accounts to the IC card.
The high-tech giant also plans to set up an Internet bank in Japan before June, with customers using the new service when it is introduced.
East Japan Railway Co. plans to begin a test run of the card as a commuter pass in April.