Discover Financial Services Partners With Grupo Financiero Banamex To Increase Merchant Acceptance In Mexico
March 27, 2003
México D.F. March 27, 2003.- Discover Financial
Services and Grupo Financiero Banamex announced
today an agreement that will expand acceptance
of the Discover® Card in Mexico.
As
part of the agreement, Banamex will activate merchants,
initially in Mexico's tourist destinations and
border crossings, and eventually throughout all
Mexico, offering the Discover Card merchant acceptance
program. Banamex currently facilitates card acceptance
services for more than 20,000 merchants in Mexico.
“Our
partnership with Banamex will provide merchants
in Mexico with additional payment options for
their customers,” said Tom Dailey, senior vice
president, Discover Financial Services, Inc. “In
addition, Discover Cardmembers will now be able
to use their Discover Cards when traveling to
Mexico.”
“Banamex is always searching for
the best alternatives to help our merchants to
increase their sales. As the first financial group
in Mexico to offer merchants Discover Card acceptance,
our customers will receive new benefits”, said
Augusto Escalante, Corporate Director of Consumer
Banking of Banamex.
“We consider this arrangement
to be an important way for Banamex to continue
supporting the Tourism Industry in our country”,
said Escalante.
Discover Financial Services,
a business unit of Morgan Stanley, operates the
Discover Card brands and the Discover Business
Services network for its more than 50 million
Cardmembers. Discover Business Services is the
largest proprietary credit card network in the
United States with more than 4 million merchant
and cash access locations.
Grupo Financiero
Banamex is a member of Citigroup, Inc. and is
the leading financial group in Mexico with Banco
Nacional de México (Banamex) founded in 1884.
Through its affiliates, the Group keeps a preeminent
position in the financial markets of the country,
including deposits, consumer financing, management
of resources of investment societies and retirement
funds, insurance banking, pensions and money brokerage.
The Group has an extensive distribution network
of more than 1,400 branches and 4,400 ATM's located
throughout the country.