MasterCard recently certified AEON Bank Ltd., a subsidiary of AEON Financial Service Co., Ltd., as the first financial institution in Japan to deploy ATMs that support EMV chip card transactions. This is expected to improve security of foreign-issued debit and credit cards in Japan.
EMV is the international standard for IC chips used in payment card transactions and ensures high security by encrypting the card information read and transmitted by ATMs and other terminals. This protects consumers from unauthorized use of their card data.
MasterCard said with the rising numbers of travelers visiting Japan, there is increasing demand for enhanced security measures to prevent fraudulent transactions, including at ATMs.
Eileen Simon, MasterCard’s Chief Franchise Integrity Officer, said Aeon quickly recognized the benefits of employing Chip and PIN technology in their ATMs throughout Japan, enabling both Aeon Bank and hundreds of millions of MasterCard and Maestro cardholders access to the most secure method of conducting ATM transactions.
"We believe foreign visitors will appreciate the convenience, easy access and now the extra security of our ATMs in places such as airports, train stations and especially our AEON shopping malls. We will continue to explore opportunities to offer increasingly secure, convenient and rewarding financial services,” said AEON Financial Service’s Executive Vice President, Masao Mizuno.
Japan National Tourism Organization’s Executive Vice President, Kenji Jimbo, also lauded the effort, saying increased financial security will help contribute to Japan’s reputation as a safe country and ultimately encourage more tourists to visit Japan.