November 8, 2006 – Discover Financial Services Chairman and CEO David Nelms purchased a bronze horse with his Discover Card in Beijing, marking the first transaction using a Discover Network card in China. A single swipe marks the second phase of the reciprocal acceptance agreement between Discover and China Unionpay, and begins acceptance of Discover Network Cards at more than 480,000 China Unionpay merchant locations across China.

The two companies signed a long-term agreement in May 2005. Last December, Liu Tinghuan, chairman of China Unionpay, and Su Ning, deputy governor of the People’s Bank of China, purchased a necktie in New York City with a CUP PIN debit card issued in China, marking the beginning of China Unionpay bankcard acceptance in the U.S. ( Discover )