Under the terms of the deal, Diners Club Ecuador has been given the exclusive rights to issue Discover cards in Ecuador and will sub-license the issuing rights to Banco Pichincha, an Ecuador-based financial service provider. Discover cards will be processed on the Diners Club network in Ecuador.
The new Discover card will initially offer a basic version of Discover’s cash rewards program, dubbed Cashback Bonus, which includes up to 1 percent cash back on all purchases. New card products and features will be rolled out over time, as “cashback” is still a new concept in Ecuador. Cash rewards can be redeemed for a gift card once cardmembers earn USD 20 or a statement credit once they earn USD 40.
The company’s expansion into the Ecuador market is Discover’s first attempt to issue cards outside the US. Most recently, Discover has entered an agreement with The National Payment Corporation of India (NPCI), an operator of retail payments system, to allow the acceptance of Discover cards and Diners Club International (DCI) cards at NPCI ATMs and point-of-sale terminals for purchases in India.
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