Thursday, December 13, 2018

Japanese payment system JCB wants to enter Ukraine, challenge Visa, Mastercard

December 13, 20118 (Kyiv Post) The largest Japanese credit card brand, Japan Credit Bureau, or simply JCB, wants to start working with local banks to compete against Visa and Mastercard to provide cashless transactions in Ukraine.
According to Ukraine’s National Bank, Takashi Suetsugu, chief executive at JCB’s international branch, promised on Nov. 5 to submit to the central bank all the needed documents to launch the company’s operations in Ukraine. Suetsugu didn’t specify the exact date, but he said it would happen soon. NBU head Yakiv Smoly, in turn, said he supported JCB’s plans. Smoly believes a new player could increase competition on the Ukrainian market of financial services, which is currently dominated by Visa and Mastercard. In the first six months of 2018, these two carried out 1.5 billion cashless transactions worth $21 billion.

A person hands over a typical credit card issued by Japan Credit Bureau, or JCB, the biggest Japanese credit card brand with over 117 million users around the globe.
JCB has 117 million users (90 million of them in Japan) and is the fifth biggest payment systems in the world in terms of numbers of credit cards issued and the value of transactions processed. In 2017, JCB processed operations worth $280 billion. Accepted in over 190 countries and territories, the company also issues cards itself in 23 countries, including China, South Korea, Japan, Thailand and Singapore. In 2018, the company announced its partnership with Russia’s Sberbank. In the United States, the company works in a partnership with the Discover Network, another credit card brand. An average JCB user spends $250 per transaction. The JCB’s net revenue from March 2017 to March 2018 was $2.7 billion, and its net income — $232 million, the company reported in March 2018.