Discover Financial Services Announces Global Alliance with Network International in the United Arab Emirates
Agreement will boost transaction volume on and acceptance of Mercury Cards across the Discover global network
RIVERWOODS, Ill. & DUBAI, United Arab Emirates--(BUSINESS WIRE)-- Discover Financial Services (DFS) and Network International, a leading payment solutions provider in the Middle East and promoter of the newly launched Mercury domestic card network, today announced a strategic alliance that will allow acceptance of Mercury Network Cards on Discover, Diners Club International and PULSE networks for international purchases and cash access outside of U.A.E.
The long-term agreement will focus initially on enabling Mercury Cards on the DFS networks, which include Discover Network, Diners Club International, PULSE and other partner networks, to provide acceptance in more than 185 countries and territories. The companies also plan to look at future opportunities to partner on other products and services.
Network International formally launched the Mercury Network scheme on April 22, 2013, with the introduction of a pre-paid card in the U.A.E. which will allow companies to remunerate employees who do not have access to traditional banking services. The agreement with Discover will allow Network International to support credit and debit cards on a global basis, further adding to the strength of the Mercury Network.
Discover and Network International also plan to collaborate on the integration of Discover D-PAS EMV solutions and fraud monitoring solutions to ensure safe transactions across both networks.
This alliance is another example of Discovers flexibility, unique positioning in the market and ability to support and encourage domestic payment networks around the world, said Diane Offereins, EVP and President of Discover Payment Services. "By partnering with regional payment networks such as Network International, Discover is able to leverage its assets to grow volume and increase brand awareness in places like the U.A.E., one of the fastest growing economies in the world. Were also providing our partners with customized solutions to help them achieve global reach and address localized preferences."
Discover has established network to network alliances across the globe, including relationships in China, Japan, Korea, Serbia, India, Puerto Rico, Nigeria and throughout Europe. These alliances provide valuable access to Discover's global acceptance footprint and deliver value and volume to merchants and partners.
Our alliance with Discover is a significant milestone for Network International and another major step in our strategic payment network growth plan and expansion goals, said Bhairav Trivedi, CEO of Network International. "The new agreement with Discover Financial Services provides our issuing members with new options for ATM and POS access around the globe, while Mercury is customizing our card network programs specifically to the needs of our financial institution partners and their customers.
Discover Financial Services is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers home loans, private student loans, personal loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International , a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
About Network International
Network International is one of the largest payment solution providers in the Middle East region. Established in 1994, Network International has grown to become the regions most innovative payment solution provider. Be it credit and debit card processing, ATM management and monitoring, merchant acquiring or consumer finance applications, Network International offers a range of innovative products and services that can be tailored to customer specific needs. In addition, Network International provides consultancy services to plan, design and prepare any new card product program. A principal member of both Visa International and MasterCard International for the UAE, Network International is the first independent vendor to be certified by both Visa and MasterCard for card payments a significant feat for any payment solution provider in the Middle East. Network International currently has operations in: Lebanon, Egypt, Kuwait, Oman, Africa, UAE, Jordan. For more information, visit www.network.ae.
Discover Financial Services
Source: Discover Financial ServicesCopyright Business Wire 2013