JCB starts issuing credit cards in Brazil
May 5, 2018
Sao Paulo- Japan's JCB Co. has started issuing credit cards in Brazil in cooperation with state-run Brazilian bank Caixa Economica Federal.
Brazil is the 23rd foreign country where JCB issues credit cards and the first in Latin America. JCB's credit card issuance in Brazil began on Thursday.
"Brazil is one of attractive countries, in terms of the level of economic maturity," Ichiro Hamakawa, president of the credit card company, said, also citing the country's population of some 200 million and its growing middle class.
Credit card use is rapidly expanding in Brazil reflecting the high risk of carrying cash due to high crime rates, Hamakawa said, expressing his company's willingness to leverage the operations in Brazil for its further business expansion in Latin America.
The total number of credit and debit cards in circulation in Brazil is estimated at some 500 million. JCB aims to issue one million cards in the country over the next five years. Jiji Press
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