Payments volume for Diners Club International declined 1.8% year-on-year and 3.2% sequentially in the second quarter. After peaking at $7.2 billion in Q4/2012, the international card issued by Discover Financial Services, has experienced a substantial softening in quarterly purchase volume. Acquired by Discover Financial Services in July 2008, the international payment card has consistently hovered between $6.5 billion and $7.0 billion in quarterly payments volume.
In the early part of the second quarter, Diners Club International and Cornèr Bank, a Swiss banking institution and, via its payment card division Cornèrcard, a major player in the Swiss card payment industry, sealed a deal to form a new Diners Club International franchise in Switzerland.
As part of the agreement, Cornèrcard will operate a Diners Club issuing business in Switzerland. Cornèrcard is one of the largest issuers of payment cards in the Swiss market and is well known for its innovative and pioneering approach to the card payments landscape in Switzerland.
Cornèr Bank is a private and independent Swiss banking institution. In 1975 it was the first bank in Switzerland to launch the Visa credit card. In 1998 Cornèr Bank added the MasterCard card to its portfolio.
Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers, offering access to nearly 500 airport lounges worldwide, and providing corporations and small business owners with a comprehensive array of expense management solutions. Diners Club is accepted in more than 185 countries and territories, millions of merchant locations and access to more than 1 million cash access locations and ATMs worldwide.
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Volume is derived from data provided by licensees for Diners Club branded cards issued outside of North America.