This week, Russian Standard Bank (RSB) and Discover Financial Services signed an agreement that will allow RSB to exclusively issue, accept, and promote Discover cards in Russia, making Russia the first European country to issue Discover cards.
Dmitry Levin, the CEO of Russian Standard Bank, said that “this partnership will allow Russian Standard Bank to enrich its portfolio of card brands and introduce the technical and service know-how of Discover, an expert of credit cards and loyalty programs in the U.S.” Levin continued, saying “the brand history of Discover is a story of great success which the company has achieved in just a few decades in the highly competitive market of financial services in the U.S. I am confident that the Discover card from Russian Standard Bank will become very popular amongst Russian consumers, too.”
Diners Club First, Now Discover Cards Too
The agreement was made official at the official opening of the Diners Club branch in Moscow on September 4th. Diners Club International, a subsidiary of Discover Financial Services, was already in partnership with Russian Standard Bank, who signed an agreement in 2011 to issue Diners Club card in Russia. This new deal is one more step in their partnership, solidifying the relationship and offering Russian customers one more brand to choose from when looking for a superior credit card product.
America’s Popular Cash Back Card
Since 1986, Discover Financial Services has issued some of the most popular cards among American credit card consumers. The Discover More card gives one percent cash back on all purchases and five percent cash back in rotating categories, from gas and grocery stores to movies and restaurants.
Discover cards are also known for their exceptional customer service, available to customers 24 hours a day, seven days a week, or online through their account center.
“The Next Milestone in a Relationship”
Diane Offereins, the president of payment services at Discover, said in a statement, “Our partnership with Russian Standard Bank, the largest credit card issuer in Russia, as a DCI issuer and acquirer is helping us meet our aggressive growth goals in Russia. We are thrilled to extend our presence there and work with RSB to issue Discover cards, representing the next milestone of a relationship that has been mutually beneficial.”
“By issuing cards abroad, Discover has a tremendous opportunity to build its brand globally and share its most compelling attributes – including cash rewards, service and value – with people all over the world,” continued Offereins in the press release announcing the agreement.
American Express and Discover in Russia
Russian Standard Bank has been issuing American Express cards since 2005 and has more than 30 million customers. They offer internet banking and mobile banking, and now with the advent of their partnership with Discover, they will be able to bring their millions of customers a cash back credit card that Americans have flocked to. More American households have Discover cards than any other brand of credit card. It will be interesting to see how Russians take to Discover and whether it becomes one of their most popular cards as well.