Interswitch, Discover Ink Financial Services Agreement

Interswitch Plc, integrated payment processing provider and Verve card network promoter has signed an agreement with Discover Financial Services (DFS) that will enable the former accept Discover and Diners Club International (DCI) cards at Interswitch-enabled ATM and point-of-sale (POS) terminals for purchases in Nigeria.

 It will also allow Verve cardholders to have access to Discover, Diners Club International and Pulse networks for international purchases and cash access outside of Nigeria.

The long-term agreement will be implemented in phases. It will focus first on enabling about 20 million Verve cards on the PULSE global ATM network, followed by acceptance opportunities for Discover and Diners Club cards in Nigeria, and then the acceptance of Verve cards across the Discover global network.

The Discover global network, which includes Diners Club, PULSE and other partner networks, provides acceptance in more than 185 countries and territories.

Discover and Interswitch will also collaborate on the integration of Discover DPAS EMV services and fraud monitoring products to ensure safe transactions across both networks.

The companies plan to look at future opportunities for emerging payment products in Nigeria and in other Interswitch markets, too.

 Discover has established network-to-network alliances across the globe, including in China, Japan, South Korea, Serbia and India.