Consumer Payment Card News

Discover Debit

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Discover has decided to enter the signature debit card market and compete head-to-head with VISA and MasterCard. The new “Discover Debit” product is the result of its acquisition of the PULSE ATM/debit network in January 2005 and the ruling in the Department of Justice anti-trust case in October 2004 which permits financial institutions that already issue credit or debit cards from the bankcard associations to issue additional cards from other brands. The “Discover Network” will support two forms of signature debit card programs: the “Discover Debit Card” for individuals and the “Discover Debit Business Card.” “Discover Debit” says it offers issuers increased profitability from lower network expenses; clear, fully disclosed pricing, less complicated billing and straight-forward operating regulations and dispute rules; and a 100% online transaction authorization standard with no floor limits. NetSpend Corp., Elan Financial Services, Central National Bank & Trust Company of Enid (Oklahoma) and Jack Henry & Associates have agreed to support “Discover Debit.”

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