Tokyo, Oct 27: Toyota Motor Corp said on Wednesday it aimed to become a major player in Japan's credit card industry and planned to issue a new credit card from April 2001.The move not only helps Toyota dip deeper into the world of finance but also advances its ambitions for high-tech car services of the future such as electronic toll collection. "The environment for the credit card industry is changing dramatically with the development of IC cards and Internet shopping and Toyota plans to offer new functions and services so that its new card can become a major domestic credit card," the company said in statement.
The world's third-largest automaker said it will issue the cards through its wholly owned subsidiary Toyota Finance Corp.
The cards will gradually replace Toyota brand credit cards now issued by domestic credit card companies, although the automaker still plans to work with a credit card company or companies as a partner.
Toyota currently has around 2.79 million subscribers for its current card offered by JCB Co Ltd, UC Card Co Ltd and Million Card Service Ltd.
The service, in which Toyota makes money from additional carservices that are offered with the credit card, began in 1995.
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