Discover and SIBS MB Establish Strategic Agreement to Increase Payment Acceptance
July 13, 2021 at 07:00 AM EDT
SIBS MB and Discover signed a strategic agreement that increases the global acceptance footprint for both organizations. This new strategic agreement gives Discover, Diners Club International and network alliance cardholders the ability to use their cards on the SIBS MB network at merchant and ATM locations across Portugal.
The agreement will also allow members of SIBS MB to issue MB cards that will be accepted on the Discover Global Network for international purchases and cash withdrawals outside Portugal and provides access to more than 50 million outlets in 200 countries and territories via the Discover Global Network. This agreement enhances SIBS MB’s strategy to grow the number of payment options available to its members, and provides more choices to consumers on how they want to pay.
SIBS MB Chief Executive Officer, Ana Grade said: “This strategic partnership with Discover reinforces SIBS’ continuous efforts to offer multiple payment options on a global scale. We believe that this new alliance with the Discover Global Network will grant tourists a compelling shopping experience in our country, while introducing new options and increasing the choices for banks and MB cardholders. This strategic partnership focuses on acquiring to allow all Discover Global Network cards to be accepted through the MB network, and on allowing SIBS MB issuers to issue MB cards that will be accepted on the Discover Global Network for international purchases and withdrawals outside of Portugal.”
“Through alliances with strong regional payments networks such as SIBS MB, Discover is able to provide our partners with the global reach, technical solutions, scale and the independence that they value,” said Matt Sloan, vice president of international markets at Discover. “We have many existing partners with cardholders that regularly spend in Portugal who will benefit from the dramatic increase in acceptance.”
About SIBS MB
SIBS MB, is the SIBS Group company that manages the MB brand, which allows more than 23.7 million bank cards to make cash withdrawals and electronic purchases at the ATM and POS of the MB Network, in a safe and convenient way, with the payment authorization in real time.
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.