|Tokyo - TOYOTA MOTOR CORPORATION announced that its wholly
owned subsidiary Toyota Finance Corporation has secured the right of direct issue from
Visa International and MasterCard International in preparation for the targeted April 2001
launch of the "New Toyota Card"*1.
The right of direct issue opens the way
for Toyota to use the latest integrated chip technologies of Visa International and
MasterCard International, seen as key in becoming a leading credit card presence. It also
allows Toyota to authorize the use of the Visa International or MasterCard International
name by other companies and permits it to build its own network of affiliated retailers.
The tie-up with Visa International marks the first time for that company to sign on to
a manufacturer-issued card in Japan, an indication of recognition of Toyota's financial
soundness and its ability to increase card membership, as seen with its current Toyota
Plans for the "New Toyota Card" include establishing a members-only Internet
shopping bazaar and, as with the current card, using the new card to broaden automotive
and related services for greater car-use satisfaction and enhancing Toyota's customer
Joining forces with Visa International and MasterCard International gives the "New
Toyota Card" the ability to offer convenience in shopping and cash withdrawal at home
or abroad. The tie-ups also accelerate the new card's accumulation and mastery of
knowledge needed to provide services on an international scale, creating for consumers a
highly appealing choice.
*1 Tentative name; *2 Toyota Card membership stands at 2.83 million as of December
(March 16, 2000)