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Social Innovation in Southeast Asia

Hitachi's New Service Turns Smartphones into Cash Cards!

Hitachi is partnering with companies involved in FinTech inside and outside of Japan to support the creation of new business models at financial institutions.

FinTech*1, which combines advanced technologies and financial services, has become a new social trend in recent years attracting attention inside and outside of Japan. As its first FinTech-related service offering, on December 17, 2015, Hitachi launched the Hitachi Mobile Cash Card Service, which enables smartphones to be used like cash cards for financial transactions.

This new service for financial institutions stores bank account and other information contained in cash cards in NFC*2-enabled smartphones, thereby allowing the smartphones to be used as mobile cash cards. This eliminates the need to carry around a card or fill out paperwork and bring ID to conduct in-person transactions. Other convenient benefits include making it easier to sign up for various financial services. Users of the service can pre-register their transaction information on a smartphone app provided by the financial institution and then just hold their smartphone over a reader installed at branches and ATMs to complete the transaction. The Hitachi Mobile Cash Card Service incorporates advanced security technologies including those to protect information from being stolen by fraudulent apps.

FinTech: A combination of the words finance and technology, FinTech refers to innovative financial services using advanced technology and activities to create these financial services
NFC: Near Field Communication, short-range wireless connectivity technology defined by the International Organization for Standardization (ISO) standard
  • Release Date: March 24th 2016
  • Content By: Hitachi