Discover Financial Services is best known for its credit cards, but the company has products across the financial services spectrum. Credit, debit, and prepaid transactions all run on its network.
In the latest episode of the Power of Prepaid Podcast, we talk with Claudia Schaefer, Business Development Executive for Strategic Initiatives at Discover about how prepaid fits into Discover’s overall business and what its capabilities are.
While credit may be the largest part of its business, nevertheless prepaid products have been a tool Discover has used to work with FinTech companies. It has worked with a variety of companies to bring payments into Fintech products of all types. We discuss what companies need to do to be successful at adding payments, and what Discover looks for when selecting partners.
Along with that, we talk about how Discover has used its network resources to become a leader in Restricted Authorization Networks. These networks use the Discover rails to move transactions, but they lock down where payments can happen using criteria such as merchant category codes or specific merchant IDs. Restricted Authorization Networks have been used to implement incentives, health care spending, and gift cards to name just a few examples.
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