Citi will add JCB credit card merchants in nine countries and territories throughout Asia.
The agreement covers JCB acceptance in all of Citibank's acquiring markets in the region, enabling the bank's merchant base, both physical and ecommerce, to accept JCB cards across the region.
Citibank will phase in JCB card acceptance for purchases at Citibank merchants in Hong Kong, Vietnam, Thailand, Philippines, Malaysia and Indonesia, together with expanding the existing relationships in Singapore, Taiwan and Guam. The bank targets to complete acceptance at all of its existing merchants which includes EC merchants as well as retailers within 18 months.
For Citibank, the alliance with JCBI will bring the bank's merchants more payment options and sales opportunities generated by the growing JCB cardmember base in Asia. With this transaction Citibank will be the only provider of acquiring services to merchants for all the major credit card brands in the world in markets across Asia Pacific.
Mr. Kimihisa Imada, Deputy President of JCBI said, "South East Asia, Hong Kong and Taiwan are some of the most important markets for JCB because of the strong growth and increased retail spending. We are delighted to commence a business tie with such an influential institution as Citibank, which has strong networks across these important markets."
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