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Discover Financial (DFS) Ties Up to Boost Global Acceptance

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Discover Financial Services DFS entered a deal with Network International Jordan, which operates Jordanian national switch JONET, to allow merchant acceptance in the region for Discover, Diners Club International and network alliance cardholders. Notably, Network International Jordan is a market-leading enabler of digital commerce in the Middle East and Africa.

JONET cardholders will also be allowed to use their cards on the Discover Global Network while traveling outside of the country.

In Jordan, JONET supports 100% of ATMs and 80% of merchants leading to acceptance at around 2000 ATMs and above 18,000 merchants in the next year. With a solid presence in the travel and entertainment sector, JONET enables smooth payments experience for cardholders during their hotel stay or purchases from local shops.

JONET cardholders will be able to enjoy solid acceptance via a wide network of 50 million merchant acceptance points and 2 million ATMs in above 200 countries and territories.

Jordan has a robust tourism industry, which witnesses thousands of travellers from around the world. The region is thriving with opportunities for card issuing companies.

Apart from Jordan, the company also has Middle East network alliance partnerships in the UAE, Bahrain, Lebanon and Saudi Arabia.

Last year, it entered a partnership with Saudi Payments that will enhance the global acceptance for both companies. Saudi Payments is a wholly owned unit of the Saudi Arabian Monetary Authority, which was founded to operate and develop all major national payment systems.

Discover Financial keeps collaborating with companies to provide global reach to its partners. The company has been constantly taking initiatives to extend its presence. It recently inked a deal with Payments Network Malaysia Sdn Bhd (PayNet) that will increase acceptance for Discover, Diners Club International and network alliance cardholders in the country. Notably, PayNet is the national payments network and shared central infrastructure for payments in Malaysia.

Last month, it entered into an agreement with instalment payment platform Sezzle, Inc. through which Sezzle will be allowed to work with certain merchants on the Discover Global Network.

The company constantly works on including options for its customers so that they can enjoy an enhanced experience.

Zacks Rank and Price Performance

Shares of this Zacks Ranked #3 (Hold) company have soared a whopping 122.8% in a year’s time, compared with the industry’s rally of 99.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


Other companies in the same space, such as SLM Corporation SLM, Capital One Financial Corporation COF and Synchrony Financial SYF have also rallied 128.1%, 136.7% and 137%, respectively, in the same time frame.

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