Cash registers to have cash withdrawal capability from April 2018
Some supermarkets and department stores in Japan will have the ability to offer a “cash out” service from April 2018, according to a banking industry body promoting electronic payments.
Cash register operators will be able to offer the service, widely available around the world for a number of years, through debit functions available at about 450,000 shops across the country known as the J-Debit service.
Cardholders will be able to receive cash by telling a cashier how much they want to withdraw. They can either take out cash while paying for products or services, or they can just withdraw money.
It will be up to individual financial institutions whether to provide the service to their customers, however.
Mizuho Bank, one of Japan’s largest, is considering providing the service to its customers from April 2018.
The new service, announced earlier this month by the Japan Electronic Payment Promotion Organization, which is made up of banks, retailers, credit card issuers and telecommunication firms, resulted from deregulation by the Financial Services Agency.