STRATEGIC PARTNERS
February 28, 2002
TOKYO -- Ten major Japanese financial institutions and six convenience store chain operators plan to launch a new network of ATMs in convenience stores in July, according to the Kyodo News.
It's the first cooperative effort between banks and retailers to establish a common ATM network in Japan.
The first ATMs will be installed at a combined 400 retail outlets of the six operators in the Tokyo metropolitan area, according to industry sources. The number of ATMs is expected to grow to 10,000 by the end of March 2004.
Shoppers will be able to perform standard ATM transactions, as well as a variety of other transactions such as paying insurance premiums. The ATMs will be available 24 hours a day.
Network financial institutions include the Bank of Tokyo-Mitsubishi, Dai-Ichi Kangyo Bank, Sakura Bank, Nippon Life Insurance Co. and Daiwa Securities Co. Participating convenience store operators include FamilyMart Co., Circle K Japan Co., Sunkus and Associates Inc. and Ministop Co.
Citibank, post offices and some 10 regional banks and "city" major commercial banks with a nationwide network are considering joining the new service. Participants plan to establish a joint venture with IBM Japan Ltd. as early as May to operate the new service, with IBM Japan to acquire an equity stake of around 10 percent and other firms about 5 percent each, the sources said.
