JCB Braves China Card Market
Asian Banker reports on JCB's plans for cards in China.
JCB plans to grow its non-Japanese cardholder base from seven to 25 percent in the next few years by reaching out from its high-end traveling Japanese to access larger local markets via tie-ups with local banks. JCB launched China’s first dual currency renminbi/yen credit card on March 30th with the Bank of China, seeking to tap into the 10 million Chinese who visit, work, or study in Japan each year.
Interestingly, JCB's International deputy president Shizuo Mizuguchi goes on to comment about China Union Pay's (CUP) plans to be an international card brand:
”We have a good relationship with CUP,” adds Mizuguchi, “and they are trying to be a sixth international credit card brand, as we did 20 years ago, so that we really wish to keep a good relationship and cooperate with them – not as a partner, but as an associate.”
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