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Finance

Sumitomo Mitsui crunches credit card data to help stores read minds

New service draws on 44m cards as cashless payments rise in Japan

Browsing clothes at an Isetan store in Japan: A new data analysis service promises to give retailers more insights into what consumers buy. (Photo by Minami Inoue)

TOKYO -- Japanese bank Sumitomo Mitsui Financial Group's credit card unit has begun a service that analyzes purchase histories to give retail stores a better view of consumer spending trends.

With cashless transactions on the rise in Japan, more data is available for retailers to grasp consumer behavior.

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