DFS Services LLC, a wholly owned subsidiary of Discover Financial Services, a leading direct bank and payments services company, and National Payments Corporation of Vietnam(NAPAS), the domestic payment network in Vietnam, today signed an agreement to form a strategic alliance. The deal will allow acceptance of NAPAS Global Cards outside of Vietnam on the Discover Global Network, which includes Discover Network, Diners Club International and PULSE. The agreement also opens acceptance for Discover, Diners Club and affiliate network cards on NAPAS network in Vietnam.
The Discover Global Network includes 42 million merchant acceptance locations and over 1.9 million ATM cash access locations across 185 countries and territories. The network includes alliance partnerships in China, Europe, India, Japan, the Middle East, Puerto Rico, Serbia, South Korea and Turkey, among others.
NAPAS, owned by the State Bank of Vietnam and major banks in Vietnam, operates and manages an inter-bank connection system for its 46 member banks in Vietnam. This strategic alliance will expand its card payment services and gain global acceptance while maintaining its newly established NAPAS card brand.
The agreement also allows for the member banks to begin issuing NAPAS Global Cards as part of Discover’s Global card program. The cards will be issued by NAPAS and run on their network domestically, while Discover Global Network will be enabling global acceptance for the card.
Vietnam has a growing economy with an increasing level of disposable income. In 2017, Vietnam saw 7.3 million international outbound tourists, the majority of which were traveling for leisure and personal purposes. Tourism in Vietnam is also growing as its inbound visitors hit 9.7 million this year.1
“This alliance with NAPAS demonstrates our commitment to continuing to leverage our payment infrastructure to achieve increased global acceptance for both Discover Global Network and domestic networks like NAPAS,” said Joe Hurley, senior vice president and head of global business development for Discover. “The agreement complements our strategy of creating worldwide alliances that provide consumers with more choice in payments on a global scale.”