Global Payments Inc. (GPN - Free Report) along with Discover Financial Services (DFS - Free Report) recently announced that the former has become the merchant acquirer of all cards on the Discover Global Network in Hong Kong and Taiwan. The deal includes Discover, Diners Club International and other partner cards.
This unique relationship will now be expanded to the primary hotels, luxury brands, food and beverage dealers and other businesses in Hong Kong and Taiwan.
Both companies have been working together since 2006 with the acceptance of Discover Global Network card in place in the United Kingdom, the United States and Canada. The deal will boost the acceptance of Discover cards in more places in Asia.
Global Payments will gain traction from widening the acceptance and usage of the Diners Club and Discover card in more markets across the Asia Pacific belt. Both cards will add to its comprehensive array of products and services. With this collaboration, the company will be able to keep up its commitment toward the advanced payments technology worldwide by providing a different payment acceptance mode.
Notably, both Hong Kong and Taiwan are the top destinations for business travelers and tourists, mainly for the Discover Global Network building partnerships in the Asia Pacific region. Discover Financial has been constantly making efforts to ensure more acceptance in the key markets, which in turn, will enrich the customer experience during travels.
The Discover Global Network that includes Discover Network, Diners Club International, PULSE and affiliate networks, has more than 44 million merchant acceptance hubs and 2 million ATM cash withdrawal sites across 190 plus countries and territories.
Global Payments has been emphasizing acquisitions for expedited growth. A number of acquisitions made in recent years have added to its scale and size. Recently, the company also purchased Sentral Education, which is a leading provider of cloud-based school administration software solutions in Australia. This Zacks Rank #2 (Buy) company’s active acquisition strategy poise it well for long-term growth.
Other Stocks to Consider
Investors interested in the finance sector can also look into some other top-ranked stocks Fidelity National Information Services, Inc. (FIS - Free Report) and Euronet Worldwide, Inc. (EEFT - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Fidelity National Information works as a financial services technology company worldwide. The company managed to deliver positive results in all the trailing four reported quarters, the average being 2.72%. It carries a Zacks Rank #1 (Strong Buy).
Euronet provides payment and transaction processing and distribution solutions worldwide. With a Zacks Rank of 2, the stock pulled off an average four-quarter beat of 2.68%.
(We are reissuing this article to correct a mistake. The original article, issued on April 12, 2019, should no longer be relied upon.)