TOKYO –
Mitsubishi UFJ Financial Group plans to eliminate physical cash cards at a new digital bank scheduled to launch by March 2027, introducing smartphone-based cash withdrawals as part of efforts to strengthen cybersecurity following a surge in unauthorized access to corporate systems.
The banking group is considering a partnership with Seven Bank that would allow customers to withdraw cash using QR codes generated through a smartphone app, removing the need for conventional ATM cards.
The initiative marks a shift away from traditional banking security systems that rely on physical cards and personal identification numbers, with MUFG aiming to improve protection against fraud and unauthorized transactions.
The move comes as Japanese companies face a growing number of cyberattacks and unauthorized access incidents, prompting financial institutions to reassess their security measures and adopt more secure digital authentication methods.
By introducing a cardless banking system, MUFG aims to strengthen cybersecurity while offering customers a more convenient way to access their deposits through smartphones.
Source: FNN
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