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Discover Financial Services DFS 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.
The move is in sync with the company’s aim to increase presence in APAC region. This is also part of its endeavor to support current partners in Singapore, China, India and Japan by potentially starting acceptance at 10,000 ATM locations and more than 570,000 point-of-sale terminals throughout Malaysia.
The company has been building several relationships over the past few years in China, Hong Kong, Taiwan, Cambodia, Vietnam and New Zealand. This has bolstered its acceptance in the region by 14% last year.
We believe that this initiative will bolster its acceptance even further.
Notably, PayNet is the right choice for the move. This agreement is also expected to boost sales opportunities for the Malaysian businesses. The region presents ample prospects and thus, the deal is a time opportune one for Discover Financial.
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 a better experience.
Discover Financial is making continuous efforts by teaming up with leading organizations to increase its acceptance worldwide. The leading card issuer company has a network of more than 50 million merchant acceptance locations and 2 million ATM and cash access locations worlwide. The Discover Global Network includes Discover Network, Diners Club International, PULSE and more than 20 alliance partner networks globally.
Zacks Rank and Price Performance
Shares of this Zacks Ranked #3 (Hold) company have soared a whopping 180.3% in a year’s time, compared with the industry’s rally of 137.5%. 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 146.7%, 145.9% and 175%, respectively, in the same time frame.
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