JCB International Co. Ltd., the global subsidiary of Japan’s international payment brand JCB Co. Ltd., plans to get into the mass segment for issuing cards in India.

The company aims to grow its card user base 30-fold in the next five years, according to a statement.

“We want to promote the cards (co-badged as RuPay JCB Cards) to the mass segment. The main target would be the existing bank account holders of mainly public sector banks. So, there is huge potential….we have a strategic partnership with NPCI,” said Yoshiki Kaneko, President & COO, JCB International Co., Ltd.

“The missing product is pre-paid cards…other than credit cards, there are UPI related products…but it is too early to discuss,” he said.

India, key market

Kaneko emphasised that 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 that our issuing partners always have access to the best-in-class technology to create path-breaking products,” he said.   

Meanwhile, JCB International announced the milestone of issuance of one million RuPay JCB Cards in India.

These RuPay JCB credit and debit cards, issued by 12 public and private sector banks, offer their cardmembers payment facility within and outside India, per the statement.

Along with the 3-fold growth in card issuance, a significant growth in RuPay JCB Card usage was also seen with international spending growing 8-fold from April 2022 to December 2022, it added.

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