JCB International (JCBI) has signed a system network agreement with the Bank of Mongolia (BOM) for T-Card JCB credit and debit card issuing.
With the new deal, T-Card JCB co-badged card members will receive international acceptance for their T-cards through the JCB network in 190 countries and territories across the globe.
BOM set up a nationwide payment network in 2010 to offer uniform card payment services in Mongolia.
JCBI inked a master acquiring license deal with Trade and Development Bank of Mongolia in May 2013. The deal led to JCB card acceptance at nearly all card merchants as well as ATMs across the country.
At present, four major banks have been serving as gateways to the payment network for Mongolia’s domestic banks.
The new deal with BOM will allow these network member banks to begin issuing credit as well as debit cards with the T-card and JCB brands, with effect from early 2016.
JCBI president and COO Koremitsu Sannomiya said: "BOM and JCBI have had a partnership since 2013 aiming to develop the payment industry in Mongolia. This agreement will ensure further economic growth by sharing our experience and knowledge of payment business with BOM.
"It is expected that more and more Mongolian people will travel abroad and we believe this partnership for issuing co-badged card will definitely contribute to the convenience of payment outside the country."