JCB Co.,Ltd. (JCB),a major global payment brand and leading credit card issuer and acquirer in Japan,announced that the balance of JCB cardmembers in China exceeded one million at the end of September 2007.
JCB brand presence in mainland China has a long history,beginning with a contract for merchant acquiring business with Bank of China in 1982. Recognizing the enormous potential of the Chinese payments market from an early stage,JCB established a representative office in Beijing in 1990,followed by offices in Shanghai in 1994,and in Dalian in 1996. JCB now has acquiring licensee partnerships with ten major banks and financial institutions creating a solid acceptance network in China.
In recent years as dramatic economic growth has accelerated the momentum of consumer demand for international payment cards,JCB has prioritized the importance of the Chinese market for the brand's international expansion and pursued strategic alliances for JCB brand card issuing with key institutions starting with Bank of China and Bank of Shanghai in 2005,followed by partnerships with China Everbright Bank,Shanghai Pudong Development Bank,and China Merchants Bank in 2007. In addition,co-brand issuing programs with partners such as electronics retailers,magazine publishers,and department stores are creating JCB cards with added-value to meet the diverse needs of Chinese consumers in different market segments.
Mr. Hirohiko Sugiyama,executive vice president and head of Sales and Promotion,Asia Pacific,JCB Co.,Ltd. said,"This remarkable achievement of one million JCB cards in China in two years has been brought about by the JCB brand's growing popularity among consumers in the country,as well as the considerable support of our partner institutions."
"One million JCB cards issued in China is a milestone in the growth of JCB as a global payment brand. JCB will continue to build cardmember base by working with partners in China to create innovative solutions meeting market needs,as well as accelerating global brand growth by providing high quality services to customers worldwide."
AboutRecent JCB Alliances Worldwide
JCB card issuing is currently progressing rapidly in Asia through licensee partnerships,including Taiwan and Korea. In Southeast Asian countries including Thailand,the Philippines,and Malaysia,JCB licensee issuing business is steadily growing in tandem with acceptance network expansion. In 2007,JCB also took a new step in meeting consumer needs for JCB cards with an agreement to establish a joint venture for a credit card business in Dubai,the United Arab Emirates,with ORIX Corporation and Majid Al Futtaim Group. In North America,JCB continues to expand the acceptance network that supports JCB cardmembers around the world. For example JCB signed an agreement with Discover Financial Services in August 2006 that will enhance JCB card acceptance throughout the United States.
AboutThe History of JCB Brand International Expansion
JCB began international expansion in the early 1980s when the number of Japanese traveling abroad was rapidly increasing. While other Japanese card companies aligned themselves with existing international brands,JCB made the decision to go it alone as an independent brand,continuing its commitment to the highest level of customer service that it has maintained ever since the company began in 1961 as a pioneer in the Japan credit card industry. JCB started acquiring merchants in Hong Kong in 1981 with the initial objective of increasing JCB card acceptance locations for the convenience of its Japanese travelers. Since then the JCB acceptance network has grown through alliances with financial institutions worldwide to 13.5 million acceptance locations and over one million ATMs in 190 countries and territories. JCB cards were first issued outside Japan to residents of Hong Kong in 1985,and now the JCB cardmember base all over the world continues to expand through a licensee partnership strategy. Currently,there are 55.75 million JCB cardmembers in 19 countries and territories around the globe.