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Nikko Cordial to launch new debit card services.

TOKYO, Sept. 27 Kyodo

Nikko Cordial Securities Inc. said Wednesday it will launch new debit card services Monday allowing its customers to use their dollar-denominated money market fund at their brokerage accounts for dollar-based settlements of overseas purchases.

While consumers who use conventional credit cards to make dollar-denominated purchases in foreign countries may receive yen-denominated bills later, holders of the new Nikko debit cards will not have to worry about exchange rate fluctuations when shopping abroad, it said.

The Nikko Platinum Debit Card may be used at all shops that accept Visa credit cards.

Nikko Cordial said the debit card is Japan's first backed by a brokerage account and may be used for both yen and dollar settlements as long as the card holder has sufficient yen and dollar funds in the brokerage account at the securities firm. Cardholders will be charged an annual fee of 21,000 yen.

Toyota Finance Corp. will issue the Nikko Platinum Debit Card and Visa International will provide settlement services.
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Publication:Japan Weekly Monitor
Date:Oct 2, 2006
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