INTERVIEW: Seven Bank to Focus More on Cashless Services

June 20, 2018

Tokyo- Seven Bank plans to beef up smartphone-based payment and overseas remittance services, Yasuaki Funatake, president of the Japanese bank, said in a recent interview.

The bank will go beyond its initial focus on collecting fees on the use of its automated teller machines installed at convenience stores, Funatake said.

The company "will diversify its sources of income" in response to the spread of cashless payments, he said.

"Changes in the environment are a threat but also a chance to do new things," Funatake said. The bank "will strengthen smartphone-based payment and other non-ATM services," he said.

Funatake also said there is a business opportunity in overseas remittances, pointing to an increasing number of foreign workers in Japan.

He took the helm of Seven Bank, a unit of retailer Seven & i Holdings Co. <3382>, on Tuesday.

He said the bank will also enhance the functions of its ATMs to improve customer convenience by introducing a new model that can confirm user identities and read QR codes with cameras.

Cash payments are expected to remain a tool of settling transactions even after payments using smartphones and integrated circuit cards become common, Funatake said. Jiji Press