Japan’s banks going cashless

In an attempt to limit the handling of cash for health and safety reasons due to the pandemic and its resurgence, Japan’s Sumitomo Mitsui Bank, along with other financial institutions, has gone cashless at its counters, using high-performance ATMs that can handle 900 bills at once. The bank plans to transform approximately 300 of its 400 domestic branches to cashless branches by fiscal 2022 according to a report in Mainichi Japan, according to a reportin Mainichi.

Mizuho Bank allows customers to make cash transactions by themselves without going through a bank teller. Shinsei Bank stopped handling cash as a rule in all 25 of its branches and Aozora Bank is working on making 19 of its retail branches cashless.

To bank at a cashless counter, customers inform the teller of the transaction and once identity is confirmed, customers show their bank books and cash cards and are given a paper slip with a printed QR code that can be read by the ATM. When the money is either deposited or withdrawn, the transaction is completed.

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