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Business trends

Cashless payments push MUFG Bank to shed 20% of ATMs

Japanese megabank plans online services to enhance rapidly growing field

MUFG Bank aims to trim costs from its ATM network, in part by consolidating sites that have multiple machines, as fewer people withdraw cash. (Photo by Arisa Moriyama)

TOKYO -- MUFG Bank looks to shrink its Japanese ATM network by 20% through fiscal 2023 as online sales and cashless payments reduce the need for personal banking services such as cash withdrawals.

The Mitsubishi UFJ Financial Group unit operates 8,141 ATMs nationwide, and intends to cut this number to around 6,700. Japan Post Bank operates the most machines, with about 29,000, while MUFG's megabank peers Sumitomo Mitsui Banking Corp. and Mizuho Bank have about 5,800 and 5,700, respectively.

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