Tuesday Sep 24, 2024
Tuesday Sep 24, 2024
Tuesday, 22 July 2014 00:01 - - {{hitsCtrl.values.hits}}
By Shabiya Ali Ahlam
A new international credit card will be added to Sri Lanka’s list of many with a top company in that area gearing up to set foot in the country.
Diners Club International, the first to offer multi-purpose charge cards in the world, shared it is in the end stages of its evaluation process and is in the midst of finalising its issuing partner.
Speaking to the Daily FT, Diners Club International President Eduardo Tobon said while the company has great interest in exploring the Asian region, it is looking at ways in which it can grow and in its expansion plan is also Sri Lanka.
In Sri Lanka for the first time on a two day visit to gain firsthand experience and feel of the market, Tobon said: “I am pleased to report that I am very happy with what I am seeing here. Diner Clubs’ South Asian team which is based out of Mumbai and are very fond of the Sri Lankan market and its prospects. After carrying out the due diligence we think the curve in which Sri Lanka is going to be is a positive one and it will not give us any pause. It is an opportune time to come into a country that is going to continue to do well for the foreseeable future and as a brand that give us a lot of confidence.”
Noting that finding the right partner is the most challenging process of all before entering a market, Tobon said Diners Club has gone through a very thorough and deep process of evaluating and selecting an issuing partner.
In search for an ideal partner for over a year, the company has narrowed down its choices and is expected to make an official announcement in about a month’s time.
Within a year of entering into a partnership Diners Club will make available its cards to the market.
“First we will be making sure that the product will have acceptance points. Once our partner feels the point of sale has acceptance we will start issuing. It will be a joint effort. The local partner and us will work together to determine the best way to get to the market,” said Tobon.
Diners Club International was established in 1950 and is currently owned by Discover Financial Services. It became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services.
Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers, offering access to more than 500 airports lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions.
With acceptance in more than 185 countries and territories, millions of merchant locations and access to more than one million cash access locations and ATMs, Diners Club is uniquely qualified to serve its card members all over the world.
