business

Lawson to enter banking business in 2018

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Lawson, one of Japan's largest convenience store chain operators, will set up a company with Bank of Tokyo-Mitsubishi UFJ to prepare for its entrance into the banking business in 2018 after it receives a license from the Financial Services Agency.

With over 12,000 stores located all around Japan, Lawson aims to offer cash deposit, withdrawal and transfer services, Fuji TV reported. Currently, Lawson has ATMs set up inside stores, offering withdrawal services in cooperation with major and regional banks.

Retail companies already offering banking services include Seven & i Holdings' Seven Bank and Aeon Bank. Lawson said it hopes to further increase its revenues through entering the banking business.

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This is a good news for those who use Lawson every day. Already they have tie-up for credit cards and point systems. This is a add on.

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