Agreement Will Boost Transaction Volume on Discover's U.S. and Global Network, Provide Worldwide Acceptance for BC Card Cardholders
RIVERWOODS, Ill., Jan 24, 2010 (BUSINESS WIRE) -- Discover Financial Services today announced an agreement with BC Card,
the leading Korean payment network, which will allow BC Card cardholders
to utilize the Discover, Diners Club International and PULSE networks
for international purchases and cash access outside of Korea.
The long-term arrangement will result in increased transaction volume on
the Discover, Diners Club and PULSE networks outside of Korea, where
Korean cardholders spent $12.6 billion in 2008 on international
expenditures, according to the Korea Tourism Organization.
"This agreement marks another expansion of Discover's growing global
network, connecting more merchants and ATMs with more cardholders
throughout the world," said Diane Offereins, executive vice president
for payment services at Discover. "Expanded BC Card acceptance will
increase transaction volume on all of our networks and provide global
access to our new partner, BC Card."
Founded in 1982, BC Card is the largest domestic payments network in
Korea with over 32 percent market share in one of the world's top credit
card markets. BC Card has over 52 million cards in Korea today, issued
by 11 financial institutions.
"Our new alliance with Discover opens the door to providing BC Card
customers with more opportunities to make purchases and access cash
around the world, especially in the U.S.," said Chang Hyung-duk,
president and CEO of BC Card. "These robust network capabilities deliver
growth opportunities for our issuers and new value for our cardholders."
System interoperability is expected to be active by late this year, when
BC Card members will start issuing cards under this agreement.
In the past few years, Discover also has entered into strategic
alliances with China UnionPay and JCB. These alliances provide valuable
access to Discover's acceptance footprint and deliver value and volume
to merchants and partners.
About BC Card
Founded in 1982, BC Card operates the largest domestic payment network
in South Korea with 11 member financial institutions and approximately
52 million cards issued on its proprietary platform and through
dual-brand agreements. BC card provides payment services for a complete
range of institutions, from the financial sector through private
enterprise and government agencies, on an end-to-end credit card
business processing platform that encompasses card issuance and
delivery, authorization and billing, merchant management, and payment
and settlement. Its products include credit, check cards, pre-paid
cards, international debit cards and post-paid transportation cards. For
more information, visit http://www.bccard.com.
About Discover
Discover Financial Services (NYSE: DFS) is a leading credit card issuer
and electronic 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 student and personal loans, as well as savings products such
as certificates of deposit and money market accounts. Its payments
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.
SOURCE: Discover Financial Services
Jon Drummond
Discover
224-405-1888
jondrummond@discover.com