MUMBAI: JCB International Co Ltd, the global operating subsidiary of Japanese payments brand JCB Co Ltd, on Monday said it has so far issued one million RuPay JCB cards in India and is looking to tap the “mass segment” for the next round of growth. Wants to These credit and debit cards are issued by 12 public and private sector banks and are co-badged as RuPay JCB cards.
Currently Indian banks issue RuPay JCB cards only to their premium customers. JCB is now planning to expand in a big way and believes that there is huge potential in that customer base.
In 2015, retail payments umbrella body National Payments Corporation of India (NPCI) and JCB International entered into a strategic partnership for acceptance of JCB cards at all NPCI acceptance locations. In 2017, they piloted the acceptance of JCB payment cards at ATMs and Point of Sale (PoS) terminals in India. In 2019, NPCI and JCB International announced the launch of RuPay JCB Global Card in association with local banks, for use at RuPay Card accepting points in India and JCB Card accepting points outside India. This was the first JCB brand card issued in India.
JCB International on Monday said that along with a three-fold increase in card issuance, it also witnessed a significant increase in the usage of RuPay JCB cards, with international spends increasing eight-fold between April 2022 and December 2022.
“It is expected to grow further given the extremely attractive international promotions currently available to RuPay JCB card members. All RuPay JCB cardmembers are eligible for 40% cashback on face-to-face transactions in Singapore, Thailand and Bahrain,” it said in a statement.
Maximum cashback amount per transaction is 3,000 and the maximum cashback amount per card 15,000 within the campaign period. The current campaign started on December 29 and will end on March 31.
Yoshiki Kaneko, President and Chief Operating Officer, JCB International, said the issuance of the first million rupee JCB is a testimony to the strength of the partnership which will continue to grow in the years to come.
“India is a key market for JCB, which holds great potential given its aspirational youth and vibrant consumer base, who particularly enjoy international travel and new experiences. We will continue to invest and focus on growing our India business through our respected partner NPCI, ensuring that our issuer partners always have access to best-in-class technology to create path-breaking products Have access.”
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