Discover Financial Services Announces An Alliance With Smartlink Network To Expand Acceptance In Vietnam

Discover Financial Services (DFS) and Smartlink Card., JSC, a leading domestic payments network in Vietnam, today announced a strategic alliance that will give Discover and Diners Club International (DCI) cardholders the ability to use their cards at more than 16,000 ATMs in Vietnam via a network of local commercial banks.

The long-term agreement will further increase transaction volume on the international domestic payment network while giving Discover and DCI cardholders more consumer cash access points in Vietnam.

“Discover’s relationship with Smartlink captures the true essence of our global expansion strategy, which is to leverage our unique set of assets to grow volume and support the growth of local leading international networks,” said Diane Offereins, President of Payment Services at Discover. “With Vietnam poised as an emerging market with large economic growth, we feel confident that we’ve found a strong partner and will continue to explore additional opportunities with Smartlink in the future.”

Mr. Dao Minh Tuan - Chairman of the Board of Smartlink Card., JSC said, “The strategic alliance with Discover reinforces Smartlink's continuous efforts to diversify its card-payment services for banks and promote Vietnam's card-payment market development. Based on this strategic alliance, Smartlink will provide banks an effective international connection and the opportunity to use Discover’s payment products.”

Currently Smartlink is inter-connected with 51 banks and financial institutions, of which 40 banks are Smartlink members. It is a leading Network with more than 16,000 ATMs and 100,000 point-of-sale terminals, which supports payment activities for 55 million local debit cards in market. During the first nine months of 2013, Smartlink processed more than 70 million transactions, valued at 2.7 billion USD.

About Discover

Discover Financial Services (NYSE: DFS) is a direct 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 home loans, private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the 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.discover.com/company

About Smartlink

Smartlink Card Service Joint Stock Company was founded by Vietcombank and 15 commercial banks. Smartlink operates an information processing system connected to 51 banks and financial institutions; hundreds of airlines, telcos, insurances and e-commerce enterprises in Vietnam. Smartlink supplies products and utility payment services such as Smartlink Top-up, Smartlink Bill, Smartlink Ecommerce, Smartlink Inter Bank Fund Transfer 24/7, Mobile Banking, Sms Banking on electronic transaction channels i.e. ATM, POS, mobile phone and the internet. For more information, visit www.smartlink.com.vn

Copyright Business Wire 2010

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