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Discover Meeting Meeting Between Federal Reserve Staff And Representatives of Discover Financial Services (Discover) October 28, 2010 Participants: David Nelms and Kelly McNamara (Discover); Dave Schneider (PULSE) Louise Roseman, Stephanie Martin, Dena Milligan, David Stein, Ky Tran-Trong, Mark Manuszak, David Mills, Chris Clubb, Jeffrey Yeganeh and Edith Collis (Federal Reserve Board); Julia Cheney (Federal Reserve Bank of Philadelphia) Summary: Federal Reserve staff met with representatives of Discover to discuss the interchange fee provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Discover Financial Services issues debit cards and owns a PIN network (commonly referred to as PULSE). Using prepared materials, representatives of Discover provided background on Discover's debit cards, its PIN network, and the PIN-debit market more generally. As part of this discussion, representatives from Discover also discussed fraud-prevention capabilities offered by the network and characteristics of the current market that enhance a network's ability to monitor and detect fraud. Representatives of Discover discussed possible approached to establishing issuer- specific interchange fees and preventing evasion of the interchange fee and network routing/exclusivity provisions of the Dodd-Frank Act. A copy of the prepared materials distributed at the meeting is attached. Perspectives on the U.S. Debit Market October 28, 2010 DISCOVER Topics for today • Overview of Discover Financial Services and our debit businesses • Evolution of the debit market • Network competition in debit Overview of Discover Financial Services Discover: DISCOVER • $94 BN volume • 30+ issuers US card issuing • $45 BN in receivables Diners Club International: • Leading cash rewards program • $27 BN volume • 1 in 4 U.S. households • 50 franchises • 185 countries/territories Deposits and Other Lending Pulse: • $19 BN in consumer deposits • $112 BN volume • $5 BN in personal and student loans • 4,400+ issuers Note: Balances as of August 31, 2010; Volume based on the trailing four quarters ending fiscal 3Q10 We have made a significant commitment to debit removing[Diagram comparingthe key barrier Discover's to DFS offeringsentering third-partyin 2005 and network Today. space.2005 is when DFS acquires PULSE. Acquisition followed 2004 DOJ ruling DomesticBroad-basedPIN debit ATMnetwork: issuane: network: 2005 2005 check,2005 check, check, continued greater continued than strong 4400 expansion, growth, issuers, today todaytoday check. check.check. MerchantInternationalSignature Signaturedebit ATM network, network, acceptance, 2005 2005 none, 2005 none, 2006 none, 2008 Discover comparable Connectivity Debit, to todaymajor to greater check.competitors than 700000 2010, ATMs, today check.]today check. PULSE has been a success story for 30 years • Founded in 1980 by seven bank holding companies • Over 4,400 financial institutions issue on • Incorporated in July 1981 as regional EFT switch the PULSE network • In January 2005, sold to Discover Financial Services - Large and small banks, thrifts and to create additional choice for payments industry credit unions across the country • In 2009, became global cash access provider for - PIN debit merchant acceptance Diners Club International parity - PULSE Global Cash Access Network includes more than 700,000 ATMs in 75 countries 2006,1993,[graph 1856.113. of Transaction 1994, 2007, 136., 2285. (MM). 1995, 2008, 1982, 168. 2682. 1996,2. 1983,2009, 202. 8.2878. 1997,1984, 2010 262.16. quarter1985, 1998, 32. 342.3 YTD,1986, 1999, 2407.] 44. 426. 1987, 2000, 51. 537.1988, 2001, 57. 1989, 714. 2002,65. 1990, 956. 71. 2003, 1991, 1137. 79. 2004,1992, 1551.97. Innovation and Growth: 1985 1988 1995 1997 2001 2007 2010 Introduced Introduced PINless Acquisition of Acquisition of DebitProtect® Internet PIN PIN debit automated bill pay GulfNet Money and recurring Debit adjustment supported Station PINless launched system 1996 2002 bill payment Signature Acquisition of launched debit TYME supported Source: Internal PULSE Reports Note: PULSE did not publicly disclose annual network volume in 2005, the year it was acquired by Discover Financial Services Consumer payment preferences are clear Many consumers prefer debit for ...and PIN for authentication in-store payment... NoSignaturePIN[chart Preference 46%. of consumer 34%. 20%.] authentication preference. [pie chart of consumer preference for in-store OtherCashCreditDebitpayment. 28%. 38%. 6%.]Card 28%. Source: 2010 Study of Consumer Payment Preferences, based on primary research with a nationally representative sample of 3,200 consumers conducted in August 2010 Benefits of PIN authentication Benefit Underlying causes 1 More efficient • Single message • Lower incidence of chargebacks 2 Lower fraud • More secure form of authentication • Significant network investments 3 Distinct applicability • All consumers qualify for PIN debit • Enhanced functionality (e.g. cash back) PIN is the global debit standard preferred by both merchants and consumers Networks provide important fraud prevention capabilities 2010 PULSE fraud product roadmap • Custom rules. • DebitProtect forum. 0 • Many networks employ neural • Rules optimization • Fraud 360 website. networks to monitor analytics. 2010: • Point of transactions and identify • Security compromise suspicious activity subcommittee. analytics. • New FI web • Transaction • PULSE has invested in - 2011: interface. decisioning and and continues to invest in - card autoblocking. advanced fraud detection • FI engagement techniques program. • Fragmentation reduces the 2012: • Enhanced effectiveness of network fraud authorization. prevention PIN debit market share PIN Debit payment networks' market share (estimated) % of PIN debit volume [graph of bars broken into color coded sections so the percent of PIN debit volume can be estimated. There are two eighth,InPulsebars: 20092001 onewas Other Interlinkover for about 200150%was one was aboutwasand sixteenth. just STAR.one one under for sixteenth. NYCE2009. half. Starwas Maestro wasabout about was one about aeighth. quarter. one Other thirty-second.Pulse was was about a little ]one over eighth. an eighth. Interlink NYCE was justwas under a little an under eighth. an Source: "Interchange Fees and Payment Card Networks", Federal Reserve Board, May 2009; "A Guide to the ATM and Debit Card Industry, 2006 Update", Federal Reserve Bank of Kansas City, 2006; PULSE analysis Debit products and technology are evolving [flow chart of the evolution of debit products and technology, starting with "offline debit", electronic capture, PIN encryption, and "offline"online debit".debit" and electronic capture become "Signature Debit". PIN encryption and "online debit" become "PIN debit". "Dual"signature Message" debit" andand "Singlesignatureless Message", applications along with become eCommerce, "Dual Message". Mobile, and"PIN Chip debit" and and PIN PIN-less become applicationsDebit.] become "Single Message". Debit market share Debit payment networks' market share by Debit payment networks' market share authentication method (estimated) of the total debit market (estimated) % of total volume % of total debit volume [graph shows that about 35% For65%of debit PIN is signature volumePOS, is POS. PIN POS, and about 20%4%46% is is Mastercard/Maestro, STAR/FirstVisa/Interlink, Data, andabout about 10%15% 5% is NYCE/FIS,Discover/Pulse, is other. [graph showing that for the total debit volume about 8%15%70% is is STAR/First MasterCard/Maestro,Visa/Interlink, Data, andabout about 3% is1% NYCE/FIS,Discover/PULSE, is Other.] Maestro.]andaboutFor Signatureabout 80% 20% is Visa/Interlink, POS, is Mastercard/ Source: 2009 EFT Data Book, Federal Reserve, SEC Filings, Nilson reports, PULSE internal data and analysis Thank you .
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