A cash card, also known as an ATM card, is a specific bank card that you receive when you open an account at a Japanese bank or financial institution. In this article, we will provide an overview of what a cash card is, how to use it, and why it continues to thrive in Japan. Furthermore we will also introduce how to receive a cash card with your GIG-A account.
How is it different from other bank cards?
Unlike credit cards or debit cards, cash cards have a more limited range of usability. You cannot use a cash card for making purchases at stores or for online shopping. In principle, a cash card allows you to perform the following functions:
Withdraw cash from ATM
Deposit cash to your bank account in ATM
Check your balance
Transfer money to another domestic account at the ATM
Why do they still exist?
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Cash cards are not as commonly used or heard of in other countries, so why do they continue to exist in Japan? There are several reasons behind it, but the simple answer is that it's a relic that "just works".
In the mid-1990s, while many advanced nations were transitioning to online banking systems, Japan introduced a service called "J-debit" that allowed instant payments with a card. However, unlike in many other countries, where debit cards became popular, it did not gain the same traction in Japan.
One of the reasons for this was a lack of sales efforts by the banking industry, coupled with consumer resistance. At that time, paying with a debit card in Japan required handing the card over to a clerk, which made it seem less secure compared to cash payments. Additionally, cash payments were already convenient since highly functional ATMs were widely available across the country. Sometimes, even if something is technically better, it can be challenging to change people's habits.
Although the introduction of digital banking services and self-service terminals has improved convenience, the perception that using cash is easier and safer than paying with cards or making online transactions still persists. This is one of the reasons why cash cards remain prevalent in Japan. In a way, cash cards are reminiscent of fax machines—a piece of legacy equipment that has faded into obscurity elsewhere in the world, yet remains highly cherished in Japan's financial landscape.
Does GIG-A provide a cash card?
Yes, we do! We provide cash cards to enable you to withdraw and deposit money. However, please note that our cash cards do not have a money transfer feature, as it is more convenient to send money through the GIG-A application than through an ATM. Also, please keep in mind that our cash cards are considered a short-term and temporary measure. We are actively working on providing you with a more convenient solution in the near future.
How do I obtain a cash card?
Both the cash card and the PIN code will be sent to you by post after your application is approved. The PIN code will be dispatched first, typically taking up to 3 days to reach your registered address. The delivery process involves a few steps to ensure security. Initially, you will receive a notification from JP Post informing you that your PIN code is on its way. Following this, you will need to schedule a convenient time slot to receive the delivery. Once you have booked the appointment, the PIN code will be delivered during the designated time. Please remember to present your residence card as identification when receiving the delivery. For more information on how to make a booking, please read our our help center article https://help.gigabank.jp/en/articles/7337955-how-to-do-the-online-rescheduling-mail-service
As for the cash card itself, it will be sent directly to your registered address within 5-10 days. There is no need to make an additional booking for this delivery. However, if you happen to be away from home at the time of delivery, you will need to arrange for redelivery.
Where can I use it?
Our Cash Card will work in Kiraboshi Bank ATMs and Seven Bank ATMs. You can find the Seven Bank ATMS in 7-Eleven convenience stores and at most railway and subway stations. It's worth noting that the convenience store ATMs operate 24 hours a day, providing you with round-the-clock access to your banking needs.
Looking to open a bank account in Japan? With GIG-A's multilingual mobile banking application, you can easily and conveniently open a bank account. Whether you need to receive your salary, manage your everyday spending, or transfer money, our user-friendly app has got you covered. Download GIG-A app now!
