Japan's 3 Megabanks to Stop Issuing Paper Bills and Checks

Tokyo, Sept. 5 (Jiji Press)--Japan's three megabanks are expected to stop issuing paper bills and checks in fiscal 2025, with customers seen shifting to electronic payments and bank remittances.

Sumitomo Mitsui Banking Corp. said Thursday that it will completely end the issuance of paper bills and checks at the end of September 2025. It has already stopped issuing paper bills and checks to new account holders.

MUFG Bank and Mizuho Bank are slated to make similar announcements soon.

The move by the three megabanks may prompt regional banks in the country to follow suit.

Settlements by bill take time for money to be received, putting a strain on payee firms' financing. The Japanese government is calling for an end to the use of paper bills and promoting electronic checks, and the Japanese Bankers Association is encouraging a shift to electronic payments.

[Copyright The Jiji Press, Ltd.]