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.
