JCB increasing rate of credit card issuance, topping 1 mil. in Vietnam
HO CHI MINH CITY,NNA - Major Japanese credit card issuer JCB Co. topped 1 million in the number of its cardholders in Vietnam this month, broadening its customer base with perks and discount services.
The number of its credit cards issued in the first half of this year surged 92 percent from a year earlier, with the market share in Southeast Asia's emerging economy reaching over 10 percent, according to Kimihisa Imada, president of JCB International Co., the company's group arm to oversee businesses outside Japan.
Although the JCB brand still lags far behind Visa and Mastercard in terms of market dominance, the number of JCB credit cards newly issued in Vietnam in 2018 increased 41 percent from the previous year, with the total transaction value jumping 41 percent.
JCB International is capturing cashless payment demand from consumers as it offers privileges and discounts through partnerships with airlines, retailers, restaurants and shopping malls, Imada said in an interview with NNA on Sept. 20.
The Tokyo-based unit also provides various types of credit cards specifically targeted at and designed for wealthy individuals and the younger generation.
Since its entry into Vietnam in 2011, the Japanese brand took five years to gain 500,000 cardholders, but three years for an additional 500,000, said Tomoaki Yamaguchi, chief representative of Hanoi and Ho Chi Minh City representative offices under JCB International (Thailand) Co.
“We will keep the pace (of business expansion) and aim to achieve a 20 percent market share in 2020,” Yamaguchi added.
The overseas business unit plans to increase the number of its banking partners in Vietnam from the present 11 to 15 next year, according to Yamaguchi. (NNA/Kyodo)