Diners Club del Ecuador Sociedad Financiera to Issue Discover
Cards; Leverages Strong Diners Club Market Share in Ecuador
RIVERWOODS, Ill.--(BUSINESS WIRE)--Mar. 14, 2012--
Discover
Financial Services (NYSE: DFS) today announced it has expanded its
franchise agreement with Diners
Club Ecuador (DCE) to include issuance of Discover
cards in Ecuador. This is the first time in company history that
Discover cards will be issued beyond U.S. borders.
As part of the agreement, DCE has been given the exclusive rights to
issue Discover cards in Ecuador and will sub-license the issuing rights
to Banco
Pichincha, the largest bank in the country. Currently, DCE owns a
market share of more than 40% by sales volume in Ecuador through their
Diners Club products, and the complementary Discover card product was
designed to further grow market share in the country. Discover cards
will be processed on the Diners
Club network in Ecuador, which boasts 100% merchant acceptance.
The new Discover card will initially offer a basic version of Discover’s
award-winning cash rewards program, Cashback
Bonus, which includes up to 1 percent cash back on all purchases.
New card products and features will be rolled out over time, as
“cashback” is still a new concept in Ecuador. Cash rewards can be
redeemed for a gift card once cardmembers earn $20 (USD) or a statement
credit once they earn $40 (USD).
“Discover clearly will benefit from the success of the Diners Club
Ecuador franchise, which is a dominant force throughout the country,”
said Diane Offereins, EVP and President of Discover Payment Services.
“By leveraging DCE’s strength and expertise in-market, Discover has a
tremendous opportunity to build its brand globally and share its most
compelling attributes – including best cash rewards, service and value –
with the people of Ecuador.”
“This agreement gives us the opportunity to expand our financial
services product portfolio and introduce consumers in Ecuador to the
Discover brand, which has a proven track record of success in the U.S.,”
said Pablo Salazar, president of Diners Club Ecuador.
For more information, please visit www.discover.ec
About Diners Club International
Diners Club International is owned by Discover Financial Services (NYSE:
DFS), a leading credit card issuer and electronic payment services
company. Established in 1950, Diners Club International became the first
multi-purpose charge card in the world, launching a financial revolution
in how consumers and companies pay for products and services. Today,
Diners Club is a globally recognized brand serving the payment needs of
select and affluent consumers as well as providing companies with
payments solutions. With acceptance in more than 185 countries and
territories, millions of merchant locations and access to over 800,000
cash access locations and ATMs, Diners Club is uniquely qualified to
serve its cardmembers all over the world. For more information, visit www.dinersclub.com.
About Discover Financial Services
Discover Financial Services (NYSE: DFS) 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 personal and
student loans, online savings accounts, certificates of deposit and
money market accounts through its Discover
Bank subsidiary. 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.
Source: Discover Financial Services
Discover
Media Contact:
Laura Gingiss, 224-405-0185
lauragingiss@discover.com