Brazil: Elo inks deal to use Discover global network

The partnership between Elo and Discover will focus initially on enabling Elo cards to be accepted in more than 185 countries though Discovers network, the worlds third largest card scheme, reuters reports.

The agreement should help Elo, founded in 2011 by three Brazilian commercial banks, to allow users to settle ecommerce transactions from Brazil or use their cards while traveling overseas. The brand currently has 7% of Brazils card market.

Elo wants to grab 15% of card transaction volumes in the near future, Chief Executive Officer Eduardo Chedid stated, cited by the source. The company will help Discover implement its payment solution D-PAS and work with the US company on new payment products.

State-controlled Banco do Brasil SA and Caixa Econômica Federal, as well as private sector lender Banco Bradesco SA, are Elos controlling shareholders.