OCBC, JCB Collaborate to Broaden Card Acceptance
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The leading payment card issuer from Japan has announced a partnership to extend its reach in Singapore, bringing added convenience to cardholders in the region.
JCB International, the international operations subsidiary of JCB, has announced a partnership with Overseas-Chinese Banking Corporation (OCBC Bank) to broaden the acceptance of JCB payment cards in Singapore, the two firms announced in a statement on Wednesday.
This partnership brings added convenience to JCB cardholders in Singapore, Japan and Northeast Asia, and the «fast-growing card issuing base in Southeast Asia, the statement said. It also allows OCBC merchants to develop their business through a wider choice of payment schemes to attract more customers.
This new partnership with JCB is an indication of our continuing work to establish a higher level of card acceptance that goes beyond Visa and Mastercard,» Desmond Tan, head of Group Lifestyle Financing, said, adding that the partnership is «an opportunity for OCBC to extend our comprehensive credit card network to a new consumer base.»
JCB has 120 million cardmembers worldwide.
Questions & Answers
Q.Which specific regions will benefit from this partnership in terms of cardholder convenience?
Which specific regions will benefit from this partnership in terms of cardholder convenience?
JCB cardholders in Singapore, Japan, and Northeast Asia will experience increased convenience. The partnership also aims to benefit the fast-growing card issuing base across Southeast Asia, according to the statement released by the companies.
Q.What is the primary benefit for OCBC merchants resulting from this new collaboration?
What is the primary benefit for OCBC merchants resulting from this new collaboration?
OCBC merchants will gain the ability to develop their businesses by offering a wider choice of payment schemes. This expanded choice is intended to help them attract a greater number of customers to their establishments.
Q.How many cardmembers does JCB currently have globally?
How many cardmembers does JCB currently have globally?
JCB currently serves a significant global customer base. The article specifies that JCB has a total of 120 million cardmembers located across various regions worldwide, making it a substantial player in the payment card market.
Q.What is OCBC Bank's broader strategic goal in establishing this partnership with JCB?
What is OCBC Bank's broader strategic goal in establishing this partnership with JCB?
OCBC's head of Group Lifestyle Financing stated the partnership is part of their ongoing effort to establish a higher level of card acceptance. This goes beyond the traditional acceptance of Visa and Mastercard, expanding their network to a new consumer base.
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