Mizuho, Rakuten form alliance; will launch new cards, installment payments

The six companies aim to create new retail business models for the payments industry.

Mizuho Financial Group, Rakuten Group, and four other entities have formed a business alliance with the goal of transforming Japan’s digital payment landscape.

Mizuho and Rakuten have also entered into a share transfer agreement and shareholders agreement. This is part of the strengthening of their capital and business alliance, first forged in November 2023.

Under the alliance, Mizuho and Rakuten, together with UC Card, Orient Corporate, Mizuho Bank, and Rakuten Card will develop new retail business models for the payment industry with the goal of strengthening customer loyalty and 
develop solutions that meet the needs of their affiliate stores.

Amongst planned projects include the launch of co-branded credit cards and digital installment payments.

Mizuho, Orico, and Rakuten will develop services to streamline acquiring and back-office tasks of their credit card businesses.

Rakuten, UC Card, and Orico will also launch new corporate credit cards, which will be offered to Rakuten’s 900,000 affiliate companies.

The alliance said that it aims to provide customers with “more convenient and affordable shopping experiences”, whilst also offering services that help affiliate stores attract new customers and boost sales.

The companies will collaborate on a range of initiatives to develop innovative payment services that “are unlike anything currently in the market,” according to a press release.