Discover in deal with Vietnam’s domestic payments network
Discover Financial Services’ DFS Services has formed a strategic alliance with National Payments Corp. of Vietnam (NAPAS), the nation’s domestic payment network, for reciprocal card acceptance.
The 46 Vietnamese banks participating in NAPAS, which is owned by the State Bank of Vietnam and major banks, may issue cards through NAPAS that will be accepted on the Discover Global Network, including Discover, Diners Club and PULSE, and Discover cards in turn will be accepted on the NAPAS network, according to a recent press release.
The state-run network recently launched the NAPAS Global Card brand to expand card payment services and gain global acceptance, the release said.
“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, Discover’s senior vice president and head of global business development, in the release.
Discover also works with two major acquirers in Vietnam for card acceptance, VietinBank and Vietcombank, a Discover spokesperson said.
Vietnam had 7.3 million outbound tourists this year and 9.7 million inbound visitors, according to the release.