JCB To Enter Mass Segment To Achieve 30-fold Spike In Card Base In 5 Years

Japan based JCB International has reached the milestone of issuing one million Rupay JCB cards in the country and is looking to expand into the mass segment for the next phase of growth, said Satoru Mori, Managing Director, JCB Card International (SouthAsia) on Monday.

The firm is looking to strengthen its partnership with National Payments Corporation of India (NPCI), which issues Rupay cards, to achieve 30x growth in card member base in the next five years.

JCB draws confidence from the fact that India’s credit card penetration is quite low and provides a huge runway for growth because its young and aspirational population has a high affinity for travel and new experiences. Add to that, the Indian government has been taking steps to improve penetration of digital payments in the country, which will help JCB achieve its target.

Currently, JCB International is collaborating with 12 Indian public and private sector banks to issue JCB Rupay credit cards. These include State Bank of India, Union Bank, Punjab National Bank, City Union Bank, UCO Bank, Catholic Syrian Bank, Central Bank of India, Kotak Mahindra Bank, Bank of Baroda, Yes Bank, Federal Bank, and Thane Janata Sahakari Bank.

JCB International has seen a three-fold growth in card issuance and a huge surge in RuPay JCB Card usage, with international spending growing eight-fold between April and December 2022, its management said.

“This is expected to further grow rapidly, given the extremely lucrative international campaign currently available for RuPay JCB card members. All RuPay JCB cardmembers are eligible for a staggering 40 per cent cashback on face-to-face transactions in Singapore, Thailand and Bahrain,” the management said.

“India is a key market for JCB with huge potential given the aspirational young and vibrant base of consumers who especially enjoy international travel and new experiences. We will continue to focus on and invest in growing the India business through our esteemed partner, NPCI, to ensure our issuing partners always have access to best-in-class technology to create path-breaking products,” said Yoshiki Kaneko, President & COO, JCB International Co Ltd.