A Bank in Japan is not Forecasting the Demise of Cash…just yet!
In an era when everyone is talking about the demise of cash and in a market that is leading mobile banking penetration globally it is interesting to see that Ogaki Kyoritsu Bank in Japan will be installing about a dozen automated teller machines that will use biometrics and will read customers’ palms as a form of identification replacing the plastic card. Customer will be able to access cash by scanning their hand and entering a four digit pin and their date of birth. This innovation was motivated by the tsunami when many customers were unable to access cash through the standard ATM.
Despite the predicted opportunities being promoted when consumers and retailers finally adopt NFC and the potential demise of cash, the reality is that consumers today still need cash and this is a good example of innovative technology that has a practical use today.