Debit ‘cash-outs’ to become available at stores in Japan

Japan’s financial regulators will draft new laws to allow debit card holders to withdraw cash at supermarkets and convenience store counters. The service, called “cash-out” in some countries, is handy for areas without ATMs. In the United States, cardholders obtain funds by inputting their PIN numbers at store counters. The service has been unavailable in Japan due to the lack of a legal framework. A Financial Services Agency panel that examined the service has proposed to define it as a “deposit withdrawal service that is contracted out by a bank”. The agency will draw up a legal framework. This will include setting a maximum withdrawal limit. A launch date is yet to be finalized, but companies like Mizuho Financial Group have begun preparations. Source and image: NHK Share this:TweetEmail