Sumitomo Mitsui credit card unit to cut fees 30% for smaller merchants

TOKYO — The credit card arm of Japan’s Sumitomo Mitsui Financial Group will cut processing fees for small and midsize merchants by around 30% within the year, putting its rate among the lowest in the industry here.

Sumitomo Mitsui Card this month will lower the processing fee on smartphone-based credit card payments to 1.98% from the current 2.7%. It also will lower the fee on payments through its credit card terminals to 1.98% later this year.