JCB, PrivatBank target tourist spending in Ukraine

Japan’s JCB payment card network has formed a partnership with Ukraine’s state-owned PrivatBank to expand card acceptance in the region.

Beginning in the spring of 2020, the new agreement will enable thousands of Ukraine-based merchants affiliated with PrivatBank to accept JCB cards, according to a Friday press release.

The move aims to meet demand from Asian tourists, with Ukraine expecting a total of 17 million international visitors this year, the release said.

PrivatBank’s acquiring network has more than 200,000 point of sale terminals in Ukraine, most of which are contactless, according to the release. PrivatBank, launched in 1992, is the primary bank for more than half of Ukraine's citizens.

JCB has been gradually expanding its reach to new regions to gain a larger share of international transactions from its 130 million cardholders, many of whom are based in Asia.