Visa and MasterCard are the most dominant credit card networks, but many other networks continue to process billions of dollars worth of transactions each year. JCB International Credit Card Co., LTD, and China UnionPay (CUP) are two reigning contenders in the payments industry and two card brands e-commerce merchants should consider accepting.
JCB lenders issue credit cards in 20 different countries with nearly 70 million cardholders worldwide and process more than $60 billion worth of goods each year. In 2011, JCB and the Discover network launched a new partnership program that enables Discover cardholders to make purchases using JCB point-of-sale terminals in Japan while JCB cardholders can make purchases using Discover point-of-sale terminals in the United States.
With fewer countries that can accept China UnionPay credit cards—only 135 to JCB’s 190—this brand still has more than 3.2 billion cardholders worldwide. According to Bloomberg, “More than 10 million UnionPay cards have been issued by 65 lenders in 17 countries outside of China.” In 2011, Chinese debit and credit cardholders made $48 billion worth of UnionPay transactions and $7.7 billion of that went toward shopping in the United States.
Similar to JCB’s deal, UnionPay also made a pact with Discover. However, this deal is strictly e-commerce. Back in December, we told you about CUP’s new service called \UnionPay Online Payments that allows Discover merchants to process China UnionPay credit cards through their online payment gateway. With Instabill, merchants can apply for a merchant account to accept Discover credit cards, China UnionPay credit cards, and JCB International credit cards.
Through one of our most trusted offshore banking partners, Instabill can provide Internet merchant accounts for China UnionPay and JCB credit card transactions to businesses operating in various industries. In as little as three to five business days, Instabill can help merchants establish credit card processing accounts for forex brokerages, stock brokerages, online travel agencies, websites selling cigars, and websites selling digital goods.
For more information about a JCB International or China UnionPay merchant account with Instabill, contact us online or call 1-800-318-2713. We serve merchants worldwide by providing them the best merchant accounts for their credit card processing needs.