The competitive market for signature debit just got a little more interesting as Discover decided the time is right to re-introduce their product. With only two networks to choose from for signature debit, issuers looking for a fresh face may find one with Discover.
Cadence Bank, a $5 billion institution with locations sprinkled throughout the southeast and Texas, is the first to issue the cards, but Discover says more banks will follow. With Regulation II’s demand for dual networks, this strategy gives Discover another opportunity to capture share, having done well with leveraging its PULSE Network. With more competition in the market, issuers may be able to recoup some of the ground they lost to regulators:
Discover executives said the card had originally been developed in 2006 but that the brand had decided to reintroduce it now when it said market conditions were more favorable.
Click here to read more from the Credit Union Times.