Japan's JCB targets 30 million users in India over 5 years

Mumbai: Japan's payments company JCB International is expanding its India business to take on global rivals Mastercard and Visa. The company has plans to expand its user base to 30 million in the next five years.

The company has also announced the issuance of one million RuPay JCB Cards in India. These credit and debit cards, issued by 12 public and private sector banks and co-badged as RuPay JCB Cards, offer their members a seamless payment experience within and outside India.

"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," said Yoshiki Kaneko, president, JCB International Co. "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."


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

The company said it expects to grow rapidly given the lucrative 40% cash-back offer on face-to-face transactions in Singapore, Thailand and Bahrain. This is the second such campaign as RuPay JCB just concluded a similar 40% cash back campaign in UAE, Qatar and Australia.