Bank of Tokyo-Mitsubishi plans to introduce a next-generation, multifunctional automated teller machine card that uses fingerprints to verify the identity of cardholders along with security codes, bank officials said Saturday.
The core bank of the Mitsubishi Tokyo Financial Group is considering issuing 500,000 to 1 million smart cards, which can be also used as a credit card, electronic money and debit card, in the fiscal year that starts 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.
Because smart cards can contain much more information than conventional magnetic cards, introduction of such an ATM card may eventually lead to the elimination of bankbooks.
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