Discover Steps Into the Debit Card Ring
Discover Financial Services today announced its Discover Debit offering, which will compete with debit MasterCard and Visa products being offered by individual financial institutions. Discover will offer banks the opportunity to issue both consumer and business debit cards. Discover Debit is the first debit program to be offered to financial institutions since the recent Department of Justice anti-trust case that enabled financial institutions already issuing credit or debit cards from Visa and/or MasterCard to issue additional cards from other brands.
While Discover’s entrance into the market may be a good thing for banks — Discover is promising lower costs than those of MasterCard or Visa — from a consumer perspective, there is little likelihood of change, other than the potential to have the Discover logo show up on your next new debit card. Debit card use has been increasing versus the use of credit cards. Last week MasterCard reported that dollar volume for its debit programs rose 23.6 percent in 2005.
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