January 14, 2016
With addition of Desjardins,
MasterCard now only network offered by all major financial institutions in Canada
TORONTO--On January 18, 2016, Desjardins will begin issuing MasterCard credit cards, giving MasterCard distinction as the only payment network in Canada to be offered by all major financial institutions.
Desjardins's association with MasterCard will give consumers in Quebec and Ontario more choice and acceptance around the world. The Desjardins Cash Back MasterCard card will be offered with no annual fee and include up to one per cent cash back on sales. The Desjardins Cash Back World MasterCard card will be offered with an annual fee of $50 and include up to two per cent cash back. It will also feature Rental Vehicle Collision/Loss Damage Insurance.
"We're giving Desjardins members and clients what they told us they wanted: access to the world's two leading payment networks, which lets them do business with the vast majority of merchants in Canada and abroad," said Caroline Lavallée, Director, Desjardins Card and Payment Services. "By offering our members and clients credit cards from two payment networks, one of which is MasterCard, we're helping them take advantage of the unique benefits of each network and giving them the option to manage all their accounts through a single financial institution."
"This partnership is significant because it brings together two iconic brands with a shared vision of offering Canadians unparalleled acceptance, safety, convenience, and choice," said Brian Lang, President, MasterCard Canada. "We're proud to partner with Desjardins, Canada's leading financial cooperative group, and thrilled to note that with this partnership MasterCard demonstrates that we are a partner of choice for all major banks and financial institutions in Canada."
An association between two market leaders
As a technology company in the payments sector, MasterCard offers market-leading payment options on all platforms – from card to mobile to tablet and wearable options – which now become available to Desjardins customers and open a world of possibilities for millions of consumers. As the leading credit card issuer in Quebec, Desjardins has a portfolio of over 5.5 million cards and is proud of its association with MasterCard.
Exclusively at Desjardins: Free Mobile Device Insurance
Both cards will also include several other services, including a three-day Travel Insurance, and Mobile Device Insurance. Available exclusively at Desjardins, Mobile Device Insurance covers cardholders up to $1,000, under certain conditions, in the event their cellphone, smartphone or tablet is lost, stolen, accidentally damaged or experiences mechanical failure.
Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world with assets of $251 billion. It has been rated one of the Best Employers in Canada by Aon Hewitt. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Considered North America's strongest bank according to Bloomberg News, Desjardins has one of the highest capital ratios and credit ratings in the industry.
MasterCard is a technology company in the global payments industry. They claim the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.