Seven Bank to Offer Banking Services to Retailers

Tokyo, July 29 (Jiji Press)–Seven Bank plans to offer deposit and payment services and other banking functions to retailers such as convenience stores and supermarkets starting as early as fiscal 2027, informed sources said Wednesday. Potential clients are likely to include convenience store chain operators Seven-Eleven Japan Co. and FamilyMart Co. as well as supermarket operator Ito-Yokado Co. The plan is expected to allow retailers to provide financial services without obtaining a banking license and combine settlement data with purchase information for more efficient sales promotions. Aiming to broaden its deposit base, Seven Bank plans to highlight the advantage of using its automated teller machines installed at partner stores, enabling customers to complete account-opening procedures, including identity verification, through a single platform. END [Copyright The Jiji Press, Ltd.]