iSignthis Ltd, a payment and identity technology company, announced on Thursday that it has received certification for its JCB Card acquiring service in the European Economic Area (EEA). As a result, through its ISXPay solution, the company can now accept payments from JCB cardholders for merchants in the region.
This opens up a whole new range of opportunities for consumers who use the JCB card. Across the world, the company has over 100 million cards on issue. It is also increasing its footprint across Europe, the Middle East, and Africa, by expanding its merchant acceptance network through partnerships.
According to the statement, iSignthis has merchants lined up and ready to switch on their JCB acceptance. Over the next two to six weeks, the merchants and fintech firms will begin to go progressively live.
Included in the merchants are trading, securities, contracts for differences and forex brokers as well as cryptocurrency exchanges. This will create new access opportunities for Japanese JCB cardholders. Through iSignthis’ Paydentity, customers outside of Japan can also use the JCB card.
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The initial expected Gross Process Transaction Value (GPTV) for JCB is more than A$50 million ($36.5 million). With this contribution, it will boost the company’s total processed GPTV to more than A$650 million. This is expected to be achieved after its Tier 1 facilities are live.
JCB Has the EU in Its Sights
JCB is a major global payment brand in Japan. It is also a popular payment card issuer and acquirer in the country. JCB has been expanding its offering worldwide since 1981, forming alliances with hundreds of banks and financial institutions across the world.
Last year, Finance Magnates reported that JCB and iSignthis had inked a new licensing agreement on June 5, 2017. The partnership facilitates a new card offering that allows JCB cardholders to execute Single Euro Payments Area (SEPA) to European Union (EU) merchants. This service is expected to cater to JCB’s large customer base of more than 100 million users.
Since the agreement, iSignthis has developed and certified its Tier 1 connection. The company achieved this by using its in-house team of software developers.
Although JCB’s cards are already accepted at numerous global merchants, iSignthis’, through its regulation technology services, will make the card a dedicated service within the EU. Together, this partnership will help iSignthis to expand into Asia and to promote JCB acceptance with EU merchants.