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KUALA LUMPUR, Malaysia and RIVERWOODS, Ill .– (BUSINESS WIRE) – Discover, a leading digital bank and payments company, and Payments Network Malaysia Sdn Bhd (PayNet), the national payment network and infrastructure Shared central for payment services in Malaysia, have signed an agreement that will significantly expand the acceptance of Discover card holders, Diners Club International and network alliances in Malaysia.
The agreement complements Discover’s strategy of growing acceptance in Asia-Pacific to support existing partners in countries such as Singapore, India, China and Japan by potentially opening acceptance to 10,000 ATMs and over 570,000 point of sale terminals across Malaysia. Discover has seen continued growth in acceptance in the Asia-Pacific region over the past few years with recent partnerships in China, Taiwan, Hong Kong, Cambodia, Vietnam and New Zealand, adding to multiple relationships already established. This resulted in a 14% increase in acceptance in the region in 2020.
“Working with PayNet has been essential in opening the Malaysian market to our partners around the world,” said Ricardo Leite, senior vice president of international markets at Discover. “Discover will continue to work with payment providers in the region with the goal of providing more transparent payment interactions for customers when travel is required.”
“PayNet sees many exciting opportunities for both parties with this partnership. This fits well with PayNet’s efforts to provide our member banks with the opportunity to expand their reach by connecting to the Discover Global network, and Malaysian businesses to increase sales opportunities by facilitating payments through the global cardholder base. card card from Discover visiting Malaysia, ”said Peter Schiesser, Group CEO. at PayNet.
Discover Global Network has over 50 million merchant acceptance locations and 2 million ATM and cash access locations around the world. The Discover Global network includes Discover Network, Diners Club International, PULSE and over 20 partner alliance networks around the world.
Payments Network Malaysia Sdn Bhd (PayNet) is the national payment network and shared central infrastructure for Malaysia’s financial markets. As a national provider of financial markets public services, PayNet aims to create inclusive, accessible and efficient payments and financial ecosystems for Malaysia. In line with this development goal, PayNet shareholders do not receive dividends, and excess profits are instead reinvested to ensure that the country’s financial market infrastructure and payment ecosystems are resilient, competitive and accessible to all. PayNet operates a number of electronic payment products and services. Among them is the interbank shared ATM network interconnecting more than 10,000 ATMs across Malaysia. For more information visit www.paynet.my
Explore Financial Services (NYSE: DFS) is a digital banking and payments company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has grown into one of the largest card issuers in the United States. The company issues the Discover Card, a pioneer in cash rewards in the United States, and offers private student loans, personal loans, home loans, checking and savings accounts, and certificates of deposit through its banking operations. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access points; PULSE, one of the country’s main ATM / debit networks; and Diners Club International, a global payment network accepted worldwide. For more information visit www.discover.com/enterprise
PayNet – Amy Pang
+603 2264 8689
Discover – Sarah Grage Silberman
Source: Discover Financial Services