JCB targets 2 million Thai credit card customers by 2020
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Japan’s JCB Co has partnered with Kasikornbank with an eye on increasing the number of its credit card holders in Thailand by 1.4 million by 2020 to 2 million.
“Thailand has potential to be (our) second most important market after Japan and we believe in Thai economic growth in the long run,” said Kimihisa Imada, president of JCB International Co, the Japanese card provider’s subsidiary.
JCB announced on Tuesday its latest partnership with the bank to issue the “KBank JCB Credit Card” brand, targetting Thais who favour Japanese lifestyles and travelling abroad.
The card is available in the three types of Platinum, Gold and Classic, giving privileges to access JCB’s international services as well as promotions from cooperative merchants both in Thailand and Japan.
The new credit card brand is expected to generate 100,000 new card holders with total spending worth 2 billion baht in the first year. JCB currently has 600,000 cardholders in Thailand.
KBank is JCB’s fourth partner in the Thai credit card market following Krung Thai Bank, Bank of Ayudhya and Aeon Thana Sinsap (Thailand), a financial subsidiary of Japan’s Aeon retail group.
JCB has issued credit cards of its brand in eight of the 10 member countries of the Association of Southeast Asian Nations — Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
It is preparing to do so in Cambodia as well.
According to KBank, more than 900,000 Thai visitors went to Japan last year and spent 43.2 billion baht in total, ranking Thais sixth on the list of highest-spending tourists.
For KBank’s card holders, they spent 3.3 billion baht in Japan last year, accounting for 25% of total spending through credit cards of Thai tourists.
The most popular categories include hotels and clothing and retail stores.
Questions & Answers
Q.Which types of KBank JCB Credit Cards will be available to customers?
Which types of KBank JCB Credit Cards will be available to customers?
The KBank JCB Credit Card brand will be offered in three types: Platinum, Gold, and Classic. These cards provide privileges for international services and promotions from partner merchants.
Q.What is JCB's current number of cardholders in Thailand before this new partnership?
What is JCB's current number of cardholders in Thailand before this new partnership?
Before the partnership with Kasikornbank, JCB already had 600,000 cardholders in Thailand. This new venture aims to significantly increase that number by 2020.
Q.How many partners does JCB now have in the Thai credit card market, including Kasikornbank?
How many partners does JCB now have in the Thai credit card market, including Kasikornbank?
Including Kasikornbank, JCB now has four partners in the Thai credit card market. Its previous partners were Krung Thai Bank, Bank of Ayudhya, and Aeon Thana Sinsap (Thailand).
Q.What is the target for new cardholders and spending for the KBank JCB card in its first year?
What is the target for new cardholders and spending for the KBank JCB card in its first year?
The new credit card brand is expected to generate 100,000 new cardholders in its first year. Total spending from these cards is projected to be worth 2 billion baht during that period.
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