One of the world’s largest payment systems Japan Credit Bureau, or JCB, has entered Ukraine, according to the National Bank of Ukraine.
JCB will work with local banks to provide cashless transactions in Ukraine, rivaling Visa and Mastercard.
The emergence of JCB on the local market is a positive sign for Ukraine, the NBU said. JCB cardholders will be able to make payments, using their cards to buy goods and services, as well as withdraw cash if needed.
JCB cards will also make it easier to pay on Japanese websites. The NBU believes this can potentially improve Ukraine’s relations with Japan.
Earlier in 2018, when JCB announced its plans to enter Ukraine, NBU said that a new player could increase competition in the market of financial services, which is currently dominated by Mastercard with 47 million credit cards or (65% of the total amount) and Visa with 25 million (34%).
JCB is now the fifth international card payment system in the country along with U.S. American Express, MasterCard, Visa and Chinese UnionPay.
Last year, Ukrainians used their bank cards to make 5.2 million cashless transactions worth $80 billion, which is 25% more than in 2019, according to the NBU.
Ukrainians use contactless cards and smartphones because such transactions are faster, safer and more convenient, according to a survey by Mastercard.
The number of internet transactions surged by 31% in 2020, accounting for 36.5% of all card transactions. Today 36% of businesses across Ukraine have payment terminals to accept cashless transactions.
As of March 2020, JCB had 141 million users in 24 countries. Over 34 million merchants worldwide accept the cards issued by JCB.
In the United States, the company works in partnership with another credit card brand Discover Network.
