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Discover Financial (DFS) Joins areeba for More Payment Choices

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Discover Financial Services (DFS - Free Report) inked a deal with Lebanon-based areeba to jointly expand their global reach.

areeba is an electronic payment technology organization that is licensed by Visa Inc. (V - Free Report) and Mastercard Incorporated (MA - Free Report) and has an agreement with American Express Company (AXP - Free Report) .

With this agreement, Discover, Diners Club International, PULSE and Network Alliance cardholders are able to use their cards on the areeba network, which includes Point-of-Sale (POS) and e-commerce platforms across Lebanon.

areeba is able to gain traction from this deal by boosting the number of payment options in Lebanon as well as offering more payment choices to its customers. It will provide them with access to more than 48 million outlets in 200 countries. This strategic tie-up will help it stay committed to providing multiple payment options and seamless cashless transaction facilities.

Notably, Discover Global Network cardholders will be allowed access to more than 15,000 POS terminals and 800 e-commerce sites at above 8,000 local merchants across Lebanon.

The company has been making continuous efforts by teaming up with leading organizations to increase acceptance across the globe. The collaboration not only intends to offer additional payment options in the Lebanese payment environment but also highlights the company’s attempts to forge strong global alliances for wider international acceptance of its cardholders.

In August, Discover Financial tied up with Car IQ, a California-based financial technology startup to introduce a payment platform for machine-initiated payments starting with automotive fleets. This launch is expected to ease the payment management of vehicles. Designed for vehicles, this is undoubtedly a comprehensive banking and risk management solution. It is a step forward in simplifying fleet transactions.

All these initiatives poise the company well for growth.

Zacks Rank and Price Performance

Shares of this currently Zacks Rank #1 (Strong Buy) company have lost 9.2% in a year’s time, wider than its industry’s decline of 9%. You can see the complete list of today’s Zacks #1 Rank stocks here.

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