Lebanon Businessnews News

CSC obtains license to issue JCB cards
Agreement allows CSC to issue credit cards by Japan-based global payment brand
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Financial services provider, CSC (CreditCard Services) announced on Wednesday (October 5) that it has signed a card issuing license agreement with the international subsidiary of the Japan-based global payment brand JCB International (Japan Credit Bureau).

The agreement means that CSC will be able to issue JCB Cards to its bank customers. Through the agreement, CSC will also enable all of its merchants across the country to accept JCB Cards.

Senior Operations Manager of CSC, Chafica Salaam said that CSC first signed an acceptance agreement with JCB in 1997, making JCB cards recognized by its clients in the country.

JCBI announced earlier this week that it has opened its first branch office in the Middle East in Dubai. The company said that it aims, through its renewed alliance with CSC, to enhance its presence in the MENA region.

According to Salaam, the Japanese company is taking the conservative approach in expanding its business throughout the region. “They weren’t sure about how the market in our region would react so they decided to test the business at first through CSC,” she said.

Salaam said that the next step in the business alliance with JCB is to allow local banks to issue JCB cards directly to their clients through CSC. She said that this agreement would be finalized within the next few months.

CSC, whose major shareholder is Credit Libanais bank, is enlisted at the Central Bank as a specialized bank since 1992. It sponsors the banks for membership in international card brands. CSC provides the technical infrastructure, as well as the switching, clearing, and settlement services.

CSC currently services 109 banks in 29 countries. It manages branded credit card products (including debit, charge, credit, prepaid, and virtual) on behalf of its client banks.
Date Posted: Oct 05, 2011
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