This is a result of long-term cooperation agreement signed between Discover Financial Services and Smartlink Card Service Joint Stock Company in Hanoi City last Thursday.
Joe Hurley, Vice President of Global Business Development Department at Discover, said that the alliance with Smartlink, a leading domestic payment network in Vietnam, is part of its global expansion strategy.
“Vietnam is an emerging payment market with impressive growth rate and potential, so we will continue opening comprehensive cooperation opportunities with Smartlink,” Hurley said.
He said that Asian nations have made strongest growth rates over the past years. Earlier, Discover has cooperated with Bccard in South Korea, UnionPay in China, JCB in Japan and NPCI in India.
In the coming time, aside from ATM network, Discover and Diners Club cards will be accepted at points of sale (POS) and e-payment system of banks in the country.
Dao Minh Tuan, chairman of Smartlink, said that the strategic alliance offers banks an effective international connection and the opportunity to use Discover’s payment products.
According to Smartlink general director Nguyen Tu Anh, Smartlink processed more than 70 million transactions valued at US$2.7 billion in the Jan-Sept period in 2013.
Smartlink operates an information processing system connected to 51 banks and financial institutions, hundreds of airlines, telcos, insurances and e-commerce enterprises in Vietnam. It is a leading network with more than 16,000 ATMs and 100,000 POS terminals, which supports payment activities for 55 million local debit cards in the market.
Discover Financial Services is one of the largest card issuers in the U.S. It operates the Discover network with millions of merchant and cash access locations, PULSE, one of leading ATM/debit networks and Diners Club International, a global payment network with acceptance in more than 185 countries and territories.