RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Global Network, the third largest payments network in the world1 and part of Discover Financial Services, has entered into an agreement with Desjardins Group, the leading cooperative financial group in Canada through its Monetico payment solutions, to expand acceptance in Canada. Merchants that have business relationships with Desjardins are now able to accept cards that run on the Discover Global Network, including Discover, Diners Club and alliance partner cards.
“As one of the top countries that Discover cardmembers travel to and a popular global travel destination, expanding the Discover Global Network footprint in Canada has been and continues to be a major priority,” said Ricardo Leite, vice president, Discover Global Network. “Working with Desjardins will provide a significant boost to our merchant acceptance throughout Canada, especially in the province of Quebec.”
“Desjardins is very pleased with the launch of this offer, which demonstrates once again how we respond to the current needs of both the market and our clients—from local entrepreneurs to major corporations—giving them the opportunity to multiply their business opportunities,” said Patrice Dagenais, vice president of payment services and business partnerships, Desjardins Group. “We’re committed to simplifying and facilitating the client experience.”
As a popular travel destination, Canada welcomes nearly 14 million visitors from the U.S. annually2 and that number is expected to increase by more than 20 percent by the year 20203. In an effort to provide more payment options and a more seamless payment experience for cardholders, Discover Global Network has expanded considerably within Canada in recent years. From 2015 to 2016, transactions on the Discover Global Network increased by more than 20 percent in Canada4. Furthermore, the majority of merchants in Canada now accept Discover5.
About Discover Global Network
Discover Global Network, the global payments brand of Discover Financial Services, processes millions of cardholder transactions each day. With industry expertise, innovative technology and a closed-loop infrastructure, Discover Global Network provides effective, customized solutions that evolve as needs change. Discover Global Network has alliances with more than 10 payments networks around the world, and is led by three Discover businesses: Discover network, with millions of retail 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.discovernetwork.com.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada and the sixth largest cooperative financial group in the world, with assets close to $260 billion. It has been rated one of the Best Employers in Canada by Aon Hewitt. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Counted among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.
Monetico is the result of a partnership by two major institutions, Desjardins Group in Canada and Crédit Mutuel in France, with shared cooperative and mutualist values. Their goal is to prioritize the interests of merchants by creating a range of solutions geared to both local entrepreneurs and large-scale, international businesses. To learn more, visit www.monetico.com.
1 By merchant locations, Global Payment Cards Data and Forecasts to 2020 – Regional Comparisons, Retail Banking and Research (RBR), July 2015
2 Canada Tourism, https://us-keepexploring.canada.travel
3 Euromonitor International, Flows in Canada 2015
4 Based on 2015-2016 internal data
5 Based on internal franchise/acquirer reporting as of December 2016. Subject to change.