Local credit card firm to open service in Japan

South Korea's leading credit card company, Shinhan Card Co., will launch a new service that allows its customers to use their domestic-only cards in Japan without additional cost, a measure that eventually would lessen dependence on global payment firms like Visa Inc. and MasterCard Inc. and save on commission, finance industry officials said Thursday. The Financial Supervisory Service (FSS) said Shinhan is scheduled to sign a memorandum of understanding with Japan's NTT DATA Corp. on Tuesday to make its local credit cards available for use in shops in Japan from September.