News

Japanese bank plans to issue smart cards

September 28, 2003

TOKYO - Bank of Tokyo-Mitsubishi plans to introduce a chip-based, multifunctional ATM card that uses fingerprints to verify the identity of cardholders along with security codes.

According to a report in the Japan Times, the core bank of the Mitsubishi Tokyo Financial Group is considering issuing 500,000 to one million smart cards, which can be also used as a credit card, electronic money and debit card, in the fiscal year beginning April 1.

In addition to functioning as an ATM card, it will enable cardholders to make divided payments when shopping after the elimination in April of a restriction banning banks from incorporating installment functions in their credit cards.

They will also serve as digital money, with users able to transfer money from their savings accounts to the cards, according to the Japan Times.