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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.

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