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.
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