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Discover and BANCOMAT Establish Partnership to Increase Acceptance in Italy
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Discover Financial Services has entered a strategic agreement with BANCOMAT S.p.A to enhance card acceptance across Italy. This partnership allows Discover, Diners Club International, and network alliance cardholders to use their cards on the BANCOMAT network. With tourism in Italy projected to rise by 49% by 2025, the collaboration aims to expand payment options for consumers. Discover's global network reaches over 280 million cardholders, facilitating significant transaction volumes globally.
Positive
New partnership with BANCOMAT increases acceptance for Discover cards in Italy.
Tourism in Italy expected to grow 49% by 2025, enhancing transaction potential.
Strengthens Discover's Global Network strategy by providing more payment choices.
Negative
None.
ROME & RIVERWOODS, Ill.--(BUSINESS WIRE)--
BANCOMAT S.p.A and Discover signed a strategic agreement that increases acceptance for Discover, Diners Club International and network alliance cardholders, all part of the Discover Global Network. This new partnership will give cardholders the ability to use their cards and mobile payment products on the BANCOMAT network throughout Italy.
Italy is a top business and tourism destination, ranking 2nd for travellers in Europe1. Tourism from abroad is expected to grow 49% by 2025 with an influx of travellers from countries where cards are issued that run on the Discover Global Network including the US, Brazil, India, Austria, Switzerland, Croatia and more1. This agreement enhances the Discover Global Network strategy to grow the number of payment options available to its issuing partners and provides more choice to consumers on how they want to pay.
“This strategic partnership with Discover Global Network reinforces BANCOMAT’s continuous efforts to offer multiple payment options,” said Alessandro Zollo Chief Executive Officer at BANCOMAT. “We believe that this new alliance will grant visitors a compelling payments acceptance experience in our country, while introducing new options and increasing the choices for our banks. This strategic partnership focuses on acquiring to allow all Discover Global Network cards to be accepted at merchants through the BANCOMAT network and in the future we will work towards new business opportunities with Discover.”
“Our global payments network is built on the power of partnerships,” said Matt Sloan, vice president of international markets at Discover. “BANCOMAT provides access to 100% of the merchants in Italy through their extensive relationships with acquirers. The agreement will benefit both merchants by connecting them with Discover Global Network cardholders and those cardholders that regularly spend in Italy.”
Discover Global Network has more than 280 million cardholders worldwide2 and processes billions of transactions in more than 200 countries and territories. With more than 60 million merchant acceptance locations and 1.8 million ATM and cash access locations, Discover Global Network includes Discover Network, Diners Club International, PULSE and more than 25 alliance partner networks across the globe.
About BANCOMAT S.p.A
BANCOMAT S.p.A for almost 40 years, manages the most widespread and well-known cash withdrawal and payment schemes in Italy, identified by the BANCOMAT®, PagoBANCOMAT® and BANCOMAT Pay® brands. It is one of the main and most important players in the debit card payments market in Italy, with approximately 2.5 billion payment and withdrawal transactions worth over 210 billion euros annually and has approximately 34 million cards in circulation. BANCOMAT is owned by 109 banks and more than 400 banks are using their services.
About Discover
Discover Financial Services (NYSE: DFS) is a digital 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 loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised 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 around the world. For more information, visit www.discover.com/company.
1 Euromonitor, Inbound Tourism Flows in Italy, September 2021 2 Discover Global Network participation and RBR Global Payment Cards Data and Forecasts to 2026, September 2021
