Discover Financial Services and Telered, the main processor of electronic transactions and payment methods in Panama, have partnered to improve the payment experience for Panama’s residents, visitors and merchants.
In this strategic alliance, Telered will integrate with the Discover Global Network through Sistema Clave, an interbank network of ATMs and points of sale in Panama that is managed by Telered, the companies said in a Friday (Nov. 15) press release.
“Discover Global Network is bringing wide global acceptance, increased security and technology to Sistema Clave while gaining acceptance access to Panama’s full network of merchants for our own global cardholders,” Alejandro Orestano, vice president of international markets at Discover, said in the release.
This agreement will enable Sistema Clave users to make purchases and payments at more than 70 million global acceptance locations, do the same on online merchants and streaming platforms, and withdraw cash at 1.8 million ATMs worldwide across Discover’s network, according to the release.
It will also allow Discover Global Network cardholders to transact at Telered merchants in Panama, the release said.
For merchants in Panama, the agreement will allow transactions from more than 345 million cardholders from around the world, including those from Discover Network and more than 25 strategic alliances, per the release.
“This alliance not only strengthens our position as industry leaders but also contributes to improving the payment experience for both residents and visitors, generates new business opportunities and strengthens the digital payment platform both inside and outside the country,” Alexander Acosta, executive vice president and general manager of Telered, said in the release.
Panama is serving as a blueprint for innovative technology adoption in Central America and the Caribbean, according to the PYMNTS Intelligence and Kushki collaboration, “Digitizing Payments in Latin America Playbook.”
In addition, connected devices offer consumers the ability to quickly adopt digital payments, Julius Alexander III, head of emerging payments at Discover Global Network, told PYMNTS in an interview posted Nov. 4.
“There are many shifts that have to happen to provide a frictionless and efficient experience for consumers as new technologies mature,” Alexander said, adding that as the digital landscape develops, companies must adapt to new consumer behaviors by embracing emerging payment advancements.
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