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JCB begins card issuing in India

JCB begins card issuing in India

National Payments Corporation of India (NPCI), an organization established by the Reserve Bank of India and being an umbrella for all India’s payments system, and JCB

JCB begins card issuing in India

JCB begins card issuing in India

International say that both parties entered into a strategic partnership for acceptance of JCB cards at all NPCI acceptance locations under the NPCI network, which has 1 million card merchants and 200,000 ATMs across India.

In addition, the strategic partnership will include the issuance of RuPay/JCB international cards by NPCI member banks that are globally accepted through the JCB network, which will be the first-ever JCB card issued in India.

Leveraging the to-be-established interconnection between the two parties’ payment networks, the scope of the new strategic partnership covers acceptance of JCB cards at NPCI merchants including both retail point-of-sale and e-commerce and ATMs and issuance of RuPay/JCB international cards by NPCI member banks in India, which can be accepted at around 29 million JCB card merchants as well as ATMs all over the world.

Through this strategic partnership, JCB card’s acceptance coverage in India will reach to 100% for card merchants and ATMs, which will better serve the increasing number of people visiting India especially from Asia where JCB has a large card member base. Meanwhile, the door for international acceptance for RuPay brand will be wider open with the partnership with JCB. Currently, approximately 165+ million RuPay domestic cards are issued by 426 banks.

The two parties now target to launch JCB acceptance business in India around mid-2016 and RuPay/JCB international card issuing business later the same year. The NPCI-JCB strategic partnership would be marked as a key milestone in the Asian payment ecosystem. It will be a win-win situation for both nations of Asia to exchange and achieve card payment dynamism with a view to enhance the acceptance of RuPay cards at JCBI’s network & vice-versa.

Deputy President of JCB, Kimihisa Imada said, “The acceptance level of JCB cards in India will increase significantly and it will provide a seamless and convenient consumer experience for JCB card members as all the card merchants and ATMs in the country will accept JCB cards.

Further, issuing of RuPay/JCB card in the market which has 1.2 billion population and strong economic growth will have a significant impact on JCB’s global business. We believe our extensive card acceptance network and customer oriented services and promotions throughout Asia will be a strong feature of RuPay/JCB international cards.”

The post JCB begins card issuing in India appeared first on Payments Cards & Mobile.

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