The collaboration looks to reinforce Guavapay’a overall strategy of broadening the payment methods and increasing acceptance for cards running on the Discover Global Network. Based on the press release information, the companies signed a strategic agreement on acquiring and issuing, with processing set to come in the following months.
The announcement details that the card acquiring and issuing landscape is rapidly evolving, driven by technological advancements alongside changing consumer behaviour. What is more, the transformation of this industry is prompted by the need to provide customers with secure services while remaining competitive in a continuously changing market.
Increasingly more consumers and businesses are moving towards digital payments, with the collaboration between payment schemes and fintech enabled to be considered as being among the factors driving the transformation and bringing to market solutions that are more convenient and ‘innovative’.
The cooperation between Discover Global Network and Guavapay looks to underscore both parties’ commitment to prioritising customers’ convenience and security. Per the press release, Guavapay is well-positioned to serve the growing market for acquiring- and card-issuing services and provide more extensive solutions to an expanded range of customers, and Discover Global Network is thought to be a ‘strong partner’ worldwide.
The acquiring collaboration provides Guavapay’s merchants with increased growth opportunities by enabling them to operate within the Discover Global Network. Furthermore, the partnership brings forth increases in the acceptance methods for Discover, Diners Club International, and affiliate network cardholders, while bringing a new customer base for Guavapay.
As a card-issuing partnership is fortified by both parties’ commitment to offering their customers freedom of choice, this collaboration will enable Guavapay to issue cards that run on the Discover Global Network, enabling its customers to access a large acceptance footprint.
Grant Wyatt, Guavapay CEO said that the card landscape has increased in competitiveness, dynamism, and complexity, with more emphasis on security, speed, and convenience, being a rapidly evolving industry that is continuously shaped by new technologies, changing consumer behaviour, and shifting regulatory environments. Per their statement, Guavapay looks to address the ever-changing market demands, and the strategic partnership with Discover Global Network marks a milestone, as it helps reinforce the company’s efforts to expand customer choice and provide a ‘compelling’ card payment experience.
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