JCB Prosperity Awaits
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Prosperity Awaits European Merchants as India’s E-Commerce Booms; Finds JCB

JCB Co‘s international operations subsidiary identifies ‘a significant opportunity’ for European merchants and acquirers to tap into India’s rapidly growing payments market.

According to JCB International‘s ‘Prosperity Awaitsreport, the number of card users in India jumped 70 per cent between Q4’21 and Q2’22.

The whitepaper includes insights for European merchants and acquirers on Indian spending patterns. It emphasises the importance of building early customer relationships in capitalising on new opportunities.

India is projected to have the third-largest number of high-income households by 2030. Additionally, the country is set to contribute $1.8trillion to global consumption growth.

The so-called ‘less-cash’ movement has pivoted India away from a reliance on cash transactions. The report makes clear that India’s digital payment ecosystem is only getting stronger.

Government initiatives like Digital India are responsible for this shift. The initiative aims to ‘transform India into a digitally empowered society and knowledge economy’.

The initiative lent itself to the creation of the National Payment Corporation of India (NPCI).

Reinvesting profits into growing India’s payment ecosystem, the umbrella organisation operates retail and settlement payment systems throughout India. This includes a comprehensive services portfolio that makes NPCI a central figure in the market.

Established by the Reserve Bank of India and the Indian Banks’ Association, NPCI has fuelled India’s adoption of digital payments.

India’s spending recovery

Despite the turmoil of the pandemic, the majority of Indians remain optimistic for the future. An increase in spending on goods relating to travel, wellness and entertainment is representative of this optimism.

As restrictions ease, the appetite for travel has intensified, with outbound tourism set to surpass $42billion by 2024. Indian firms expect to facilitate this demand through a bolstered travel system.

As one of the fastest-growing aviation markets, India should have no trouble accommodating this demand both logistically and financially. The number of daily fliers from India is expected to exceed pre-pandemic numbers by early next year.

This spending increasingly takes place online too. Indians are willing to spend abroad from their home, especially with recognised brands and in frictionless and secure e-commerce environments.

Access to reliable internet and low-cost data makes it easier to go online at a time when traditional shopping methods have been more difficult amidst pandemic restrictions.

Between 2021 and 2025, India’s e-commerce sector will grow by 96 per cent, with a value of $200billion by 2026.

Unlocking India’s potential

JCB reports that 43 per cent of international transactions from JCB Cards came from e-commerce spending.

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd.
Ray Shinzawa, managing director, JCB International Europe

According to Ray Shinzawa, managing director of JCB International Europe, the growth of the Indian market is “providing opportunities for merchants and acquirers outside of South Asia to grow their presence in the region and unlock the potential its population of over 1.4 billion people has to offer.”

Shinzawa describes JCB as “well-positioned” in the payment ecosystem, which it leverages to help European merchants and acquirers navigate this vast region.

Adding to this, Satoru Mori, managing director of JCB Card International South Asia, cites “a real opportunity for European merchants and acquirers to have success in the Indian market.”

“The region is putting significant time and resources into embracing a digital outlook and this benefits modern payment methods,” continues Mori.

“Meanwhile, the population itself is willing to spend as we emerge out of the pandemic. It is all about providing a…process that will allow individuals to trust you with their disposable income.”


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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