MB SHINSEI Finance Limited Liability Company (Mcredit) – one of the leading consumer finance companies in Vietnam and JCB International Co, Ltd. (JCBI) – the international operations subsidiary of JCB Co., Ltd., announced the launch of the Mcredit JCB Credit Card.
The new Mcredit JCB Credit Card is the very first JCB card launched in collaboration with a finance company in the Vietnamese market and offers 2 different card grades: standard and gold card. The holders of Mcredit JCB Credit Card can access the JCB acceptance network globally with about 34 million merchants and over a million ATMs in the world.
The card offers high security transactions with an EMVCo standard chip and 3-D Secure technology. Mcredit JCB Credit cardmembers also enjoy a number of attractive features and exclusive benefits, such as JCB PLAZA in several world-class destinations and especially the lowest withdrawal fee in the market at only 1.5% of the withdrawal amount.
The issuing requirements are also very simple with the submission of the applicant’s personal ID and his or her family register book only. Mcredit JCB Credit cardmembers also enjoy zero interest installment at more than 40,000 online and offline merchants in Vietnam.
When cash falls out of fashion
The Vietnamese Government expressed its determination to go cashless several years ago. In late 2016, the Prime Minister issued a scheme on development of cashless payment during 2016-20. Later in mid-2019, another scheme on boosting via-bank payment for public services was adopted. Since then, the country has witnessed drastic developments in cashless payment.
According to the central bank, there are currently 127 providers of payment services via the Internet and mobile devices. As of this May, 34 non-bank institutions have been licensed to provide intermediary payment services. By the end of last year, the country had 88.5 million personal bank accounts, an 11 percent increase against the 2018’s figure. It is expected that by the end of this year, 70 percent of Vietnamese will have bank accounts.
Last year online payments went up by 64 percent in terms of number of transactions and 37 percent in terms of value, while mobile payments surged by 198 percent in volume and 210 percent in value.
With the luanch of Mcredit JCB Credit Card in Vietnam, both JCB and Mcredit wish to further promote cashless payment in the country.
The MB Shinsei Finance Limited Liability Company (Mcredit) is a joint venture, with the two major shareholders being the Military Commercial Joint Stock Bank (MB) and Shinsei Bank (Japan). As a member of the Military Commercial Joint Stock Bank – a reputable financial group in Vietnam for 25 years – Mcredit has been supported from a network of service points, partnerships, and customer relations systems. With Shinsei Bank’s more than 50 years of experience in risk management and development of operating procedures in Japan, Mcredit has inherited an advanced service model for customers.
The JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes over 34 million merchants and over a million cash advance locations in the world. JCB cards are now issued in 24 countries and territories, with more than 140 million cardmembers. For more information can be founded on its website.