JCB Takes Advantage of India's Push for Cashless Economy
Industry Trends
ram@justransact.com
22-05-2017 00:00:00
JCB Takes Advantage of India's Push for Cashless Economy

The National Payments Corporation of India (NPCI) and JCB International (JCBI), the international operations subsidiary of JCB Co. Ltd, have recently operationalised acceptance of JCB payment cards at ATMs and point of sale (POS) terminals in India.

 

This development has enabled JCB to serve an increasing number of tourists and business professionals with payment options at ATM and POS in India, especially from Asia where JCB has large number of card members.

 

The total card member base of JCB is about 101 million spanning across 23 countries and territories.

 

In April 2017, JCB established a subsidiary in Mumbai, the largest city in India, to further strengthen the alliance.

 

In the future, JCB plans to issue a JCB-RuPay card that is available at JCB merchants worldwide in cooperation with the payment service Rupay to be provided by NPCI in 2018.

 

This JCB-RuPay card will work as a RuPay card in India and as a JCB card outside the country.

 

Ichiro Hamakawa, President and CEO, JCB Co., Ltd., said, "Our current focus is expanding business in Asia. India, with its very large population and fast grown economy, is an extremely important market for JCB. This business launch is a remarkable step in the history of our global business. NPCI bring a revolution in how people make payment in India, meanwhile, JCB has played a key role in shaping today's Japanese payment industry. I see enormous possibility in the collaboration of two pioneering companies."

-K Ramanathan ram@justransact.com


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