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Cash-Loving Japan Shifts From Banknotes in Boost for Lenders
Bloomberg 2/19/2021 Taiga Uranaka and Yuki Hagiwara
(Bloomberg) The coronavirus pandemic has encouraged more cash-loving Japanese to move away from banknotes and coins, giving a boost for banks in their drive toward digitalization, the industry’s lobby group chief said.
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“A trend toward cashless payments, which so far progressed gradually, has picked up speed during the pandemic,” Kanetsugu Mike, chairman of the Japanese Bankers Association, said at a news briefing on Thursday. “The banking industry would like to actively work toward going cashless.”
Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to shift more routine, unprofitable tasks to digital channels. Maintaining ATMs alone costs about 700 billion yen ($6.6 billion) annually and another 100 billion yen is spent handling cash at branch counters, Nomura Research Inst
Cash-loving Japan drops banknotes in boost to lenders
Bloomberg
The COVID-19 pandemic has encouraged more cash-loving Japanese to move away from banknotes and coins, giving a boost for banks in their drive toward digitalization, the industry’s lobby group chief said.
“A trend toward cashless payments, which so far progressed gradually, has picked up speed during the pandemic,” Kanetsugu Mike, chairman of the Japanese Bankers Association, said at a news briefing on Thursday. “The banking industry would like to actively work toward going cashless.”
Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to shift more routine, unprofitable tasks to digital channels. Maintaining ATMs alone costs about ￥700 billion (US$6.64 billion) annually and another ￥100 billion is spent handling cash at branch counters, Nomura Research Institute said.