Business · Companies · 2 hrs ago
MUFG digital bank to use smartphone QR codes instead of cash cards
MUFG plans to launch a digital bank in Japan in 2027 under its Emut brand.
The bank will not issue cash cards, instead letting customers use QR codes in a smartphone app for ATM transactions.
Customers will also need to take extra steps, such as entering a phone passcode and logging into the app, to help protect their accounts.
At first, they will be able to deposit and withdraw cash at about 28,000 Seven Bank ATMs nationwide and at new smartphone-enabled ATMs in FamilyMart stores.
MUFG hopes saving the cost of issuing cards will help it offer higher deposit rates.
The bank is part of a wider shift among online lenders, some of which already let customers bank without a cash card.
Customers are expected to open accounts and manage transactions online when the service launches, with access also planned to branches and AI-based asset-building services.
MUFG plans to launch a digital bank in 2027 that will not issue cash cards.
Customers will use QR codes in a smartphone app to make ATM transactions.
The system will require additional authentication steps, including a smartphone passcode and app login.
The bank aims to reduce card costs and is considering offering higher deposit rates.
It will initially support cash deposits and withdrawals at about 28,000 Seven Bank ATMs nationwide.
- Who
- Mitsubishi UFJ Financial Group (MUFG) plans to launch the bank under its MUFG Bank unit.
- What
- The new digital bank will not issue cash cards; customers will use a smartphone app and QR codes for ATM transactions.
- When
- The bank is due to launch in 2027.
- Where
- Japan, initially at about 28,000 Seven Bank ATMs nationwide.
- Why
- MUFG aims to strengthen security with additional authentication and eliminate cash-card issuance costs.
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This story does not have a timeline yet.
- Launch
- 2027
- ATM access
- About 28,000 Seven Bank ATMs nationwide at launch
- Authentication
- Smartphone passcode and app login, in addition to QR-code use
- Deposit rates
- The bank is considering rates based on customer transaction activity
- Interest payments
- The bank is considering paying interest daily rather than twice a year