Discover Announces Alliance with Korea’s BC Card
RIVERWOODS, Ill. - (AllPayNews) 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.
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.