RIVERWOODS, Ill. & HANOI, Vietnam--(BUSINESS WIRE)--
DFS Services LLC, a wholly owned subsidiary of Discover Financial
Services, a leading direct bank and payments services company, and
National Payments Corporation of Vietnam (NAPAS), the domestic
payment network in Vietnam, today signed an agreement to form a
strategic alliance. The deal will allow acceptance of NAPAS Global Cards
outside of Vietnam on the Discover Global Network, which includes
Discover Network, Diners Club International and PULSE. The agreement
also opens acceptance for Discover, Diners Club and affiliate network
cards on NAPAS network in Vietnam.
The Discover Global Network includes 42 million merchant acceptance
locations and over 1.9 million ATM cash access locations across 185
countries and territories. The network includes alliance partnerships in
China, Europe, India, Japan, the Middle East, Puerto Rico, Serbia, South
Korea and Turkey, among others.
NAPAS, owned by the State Bank of Vietnam and major banks in Vietnam,
operates and manages an inter-bank connection system for its 46 member
banks in Vietnam. This strategic alliance will expand its card payment
services and gain global acceptance while maintaining its newly
established NAPAS card brand.
The agreement also allows for the member banks to begin issuing NAPAS
Global Cards as part of Discover’s Global card program. The cards will
be issued by NAPAS and run on their network domestically, while Discover
Global Network will be enabling global acceptance for the card.
Vietnam has a growing economy with an increasing level of disposable
income. In 2017, Vietnam saw 7.3 million international outbound
tourists, the majority of which were traveling for leisure and personal
purposes. Tourism in Vietnam is also growing as its inbound visitors hit
9.7 million this year.1
“This alliance with NAPAS demonstrates our commitment to continuing to
leverage our payment infrastructure to achieve increased global
acceptance for both Discover Global Network and domestic networks like
NAPAS,” said Joe Hurley, senior vice president and head of global
business development for Discover. “The agreement complements our
strategy of creating worldwide alliances that provide consumers with
more choice in payments on a global scale.”
About NAPAS
The National Payment Corporation of Vietnam (NAPAS) was established in
2004 and renamed from the Vietnam National Financial Switching Joint
Stock Company (Banknetvn) as from 04/02/2016 on the basis of merging and
acquisition with the Smartlink Card Services Joint Stock Company with an
aim to build up a unified card switching center under the direction of
the Prime Minister and the State Bank of Vietnam.
As having developed and completed the national retail payment
infrastructure, NAPAS has been licensed by the State Bank to provide
financial switching services and electronic clearing services in
Vietnam. The largest shareholder of NAPAS is the State Bank of Vietnam,
which accounts for 49% of the charter capital of the corporation.
NAPAS is currently administering and operating a switching system
interconnected more than 17,000 ATMs, 270,000 POS machines, and 300
electronic payment companies in the fields of aviation,
telecommunication, hotel industry and tourism, and serving over 100
million cardholders of 46 domestic and international commercial banks
operating in Vietnam.
About Discover Global Network
Discover Global Network, the global payments brand of Discover Financial
Services, processes millions of cardholder transactions each day. With
industry expertise, innovative technology and a closed-loop
infrastructure, Discover Global Network provides effective, customized
solutions that evolve as needs change. Discover Global Network has
alliances with more than 10 payments networks around the world, and is
led by three Discover businesses: Discover network, with millions of
retail 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.discovernetwork.com.
About Discover
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 issues
the Discover card, America's cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the 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.discover.com/company.
12017 Euromonitor
View source version on businesswire.com: http://www.businesswire.com/news/home/20171220005215/en/
Source: Discover Financial Services