Discover Financial Services said it has signed a deal with Banco Popular de Puerto Rico that will allow Discover to "dramatically" expand in Puerto Rico, where it has minimal card acceptance.
The deal with the Popular Inc. unit will enable some 20,000 commercial customers of Banco Popular to accept Discover cards and those of its Diners Club International unit, a Discover representative said.
This is the Riverwoods, Ill., card network's first and largest agreement with a major merchant acquirer in Puerto Rico, the representative said.
Discover in 2009 began landing card-acceptance agreements with regional automated teller machine and point of sale networks around the world.
Its deal with Banco Popular demonstrates "a continuation of our efforts to expand international acceptance for both Discover and Diners Club," the representative said.
"The relationship with Puerto Rico's largest commercial bank marks an important growth opportunity for Discover on the island," Gerry Wagner, Discover's vice president of global acceptance, said in a press release Monday.
Fabio Garcia, senior vice president of Banco Popular's retail credit division, said in the release that the bank is "enthusiastic" about adding Discover as a payment option, as Puerto Rico is a popular travel destination for U.S. credit-card holders.
