RIVERWOODS, Ill. & SAO PAOLO--(BUSINESS WIRE)--Discover Financial Services and Elo, the largest Brazilian credit card brand, today announced a strategic agreement that will allow acceptance of Elo Global Cards for international purchases and cash access outside of Brazil on the Discover Global Network, which includes Discover Network, Diners Club International and the PULSE network.
The agreement will focus initially on enabling Elo Global Cards to have acceptance in more than 185 countries and territories via the Discover Global Network, the third-largest payments network in the world. Elo and Discover also will collaborate on the integration of Discover’s EMV solution, D-PAS, to help ensure safe international transactions and continue to work together on new emerging payment products in the future. Elo will continue to use its own proprietary application for domestic transactions.
“Discover has a long-standing history of leveraging its unique payments infrastructure to create mutually beneficial relationships around the globe,” said Joe Hurley, Senior Vice President Global Business Development, Discover Network. “Striking an agreement with Elo offers great benefits to both companies, most importantly, Elo Global cardholders will have the ability to use their card of choice when traveling abroad.”
Discover’s expansive global network includes relationships with partners around the globe including alliance arrangements in China, India, Japan, the Middle East, Puerto Rico, Serbia, South Korea, Vietnam, Europe and others.
“The investment in innovation and the development of solutions for our customers has always been among our priorities. With international acceptance, we will offer a complete payment experience. The cardholder who travels, whether for business or pleasure, will be able to make secure transactions in another country, with the same peace of mind they have for domestic transactions,” said Eduardo Chedid, CEO of Elo.
Elo was founded by three of Brazil’s top banks: Banco do Brasil, Bradesco and Caixa.
Elo is the first credit card brand 100 percent Brazilian. The company was officially launched in 2011 and is the result of a partnership of three of largest banks in the country (Banco do Brasil, Bradesco and Caixa). In order to be a robust and comprehensive brand, Elo offers a wide variety of products and services intended for all audiences, in credit, debit, prepaid and benefits.
Elo has already issued more than 80 million cards and is accepted throughout the national territory, in more than 1.65 million establishments.
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 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.