MUFG’s new bank will drop cash cards, reports say: what it means if you already have an MUFG account

Summary: Nikkei reported on 4 November 2026 that Mitsubishi UFJ Financial Group (MUFG) will not issue cash cards at its new online bank, MUFG Emut Bank, which is planned to start around January to March 2027. Customers would use a smartphone to take cash from ATMs through a tie-up with Seven Bank. These reports are about the new bank. We found no report or notice saying the cash card for your regular MUFG Bank account is ending, and no action has been announced for those customers. MUFG had not published its own notice about the card plan when we checked. The one thing to do today: if someone calls about “replacing your card”, do not hand it over and do not share your PIN.

Three cases: if you only use a regular MUFG Bank account, keep your card; if you may open Emut Bank, wait for official terms; if someone calls about replacing your card, do not give your PIN or card — Which case fits you. Sources: MUFG, Nikkei, TV Tokyo BIZ, Japanese Bankers Association. Checked: 2026-11-04.

What is changing
Who is affected
What you can do now
How cardless ATM withdrawals work today
FAQ
Related reading
Sources

What is changing

MUFG Bank set up a wholly owned subsidiary and received a banking licence on 24 September 2026. The company took the name MUFG Emut Bank, and its service name is Emut Bank. MUFG says the service should start around January to March 2027.

The new part is the card plan. According to Nikkei, and to TV Tokyo BIZ citing Nikkei, the bank will not have cash cards. It is described as a digital bank with no branches. TV Tokyo BIZ says this is the first time a bank in one of Japan’s major banking groups has dropped cash cards.

The reason given in the reports is security. A cash card can be used at an ATM with only a PIN. A phone can add more than one check, such as the phone passcode and an app login.

Item	What we found	Source
Bank	MUFG Emut Bank (service name: Emut Bank), 100% owned by MUFG Bank	MUFG notice, 24 Sep
Planned start	Around January to March 2027	MUFG notice, 24 Sep
Cash cards	Not issued	Nikkei, TV Tokyo BIZ (not yet in an MUFG notice)
Taking out cash	By smartphone at ATMs, through a tie-up with Seven Bank	Nikkei, TV Tokyo BIZ
Not found yet	Who can open an account, fees, other ATMs, what happens if you lose your phone, links to regular MUFG Bank accounts	Not in the materials we could read

Checked: 2026-11-04. Most of the Nikkei article is for paid members, so we used only the part that is free to read. An official announcement may add to this or change it.

Who is affected

You only have a regular MUFG Bank account. Keep using your card as usual. Nothing we found tells these customers to apply, exchange a card or change anything. If that changes, it should come from MUFG Bank itself, so check its official website or app rather than a link in a message.

You may open an Emut Bank account. Nothing is open yet based on what we could confirm, so there is nothing to do today. Wait for the official terms. If you live in Japan on a limited period of stay, it is worth reading what the bank says about opening an account. Our guides on opening a bank account in Japan and on account limits linked to your period of stay explain how this works at banks in general. We found nothing yet on Emut Bank’s own rules for foreign residents.

You do not use MUFG at all. This news does not change anything for you, but the warning below still applies. Fake calls about cash cards can reach anyone with a bank account.

What you can do now

Keep your card and PIN to yourself. The Japanese Bankers Association says its staff do not call customers about cash cards and do not visit to collect them. The National Police Agency warns about people who come to “check” or exchange a card and then take it.
Hang up if a call mentions this news. We have not confirmed any scam using this story. The point is that old tricks can borrow new headlines. Call back on a number you found yourself, such as the one on your card or the bank’s official site, not one the caller gives you.
If you already shared details, contact your bank right away, and tell the police. Our guide to fake police scam calls in Japan covers what these calls sound like.
If you want to try Emut Bank later, write down these questions for when the terms come out: Can I open an account with my residence status? What happens if my phone is lost or broken? How do I move the app to a new phone? Which ATMs work? Is the app available in English?

How cardless ATM withdrawals work today

Using a phone instead of a card is not new. Seven Bank already has a “Smartphone ATM” service for banks and other companies that join it. Seven Bank’s English FAQ says it lets you withdraw or deposit cash with only your smartphone. Its Japanese guide lists these steps for a withdrawal:

On the ATM screen, tap the option for withdrawals and deposits, then tap “Smartphone”.
Open your bank’s or company’s app and choose withdrawal.
Scan the QR code on the ATM screen with the app.
Enter the company number shown in the app on the ATM.
Enter your PIN or authentication number on the ATM.
Check the details in the app, confirm, and take your cash.

Seven Bank notes that the steps can differ by company, and we do not know yet if Emut Bank will use this same flow. PayPay Bank is one example of a bank that already offers this. It requires setup in its app first, and you must do the setup again after changing phones. That is a good reason to read any phone-change rules before you depend on a bank with no card. Our guide on fake SMS messages in Japan is also useful, because a bank that runs on an app makes app login details even more valuable to scammers.

FAQ

Will my MUFG Bank cash card stop working?

We found no report or notice saying so. The reports are about the new Emut Bank. MUFG has not published its own notice about the card plan yet, so check again if it does.