Consumer Payment Card News

Discover & Diners

Discover has inked a deal with Citi to acquire Diners Club International. The agreement will give the “Discover Card” global acceptance once the networks are fully integrated. Discover will purchase the business for $165 million. Under the terms of agreement, Discover will acquire the Diners Club International network with more than $30 billion per year in spend volume outside of North America; its brand and trademarks; its employees; and agreements with 44 network licensees who issue Diners Club cards and maintain an acceptance network consisting of more than 8 million incremental merchant and cash access locations in 185 countries worldwide. Citi will remain a significant long-term issuer on the Diners Club network as part of the transaction. Discover will not issue cards or extend consumer credit in international markets as a result of this acquisition. Diners Club licensees in North America and globally are not included in this acquisition. Diners Club cardmembers can continue to use their cards as usual and will maintain all benefits related to their current card programs. While not included in the transaction at this time, Diners Club assets and employees in France are expected to be included shortly.

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