Discover 2009 Annual Report Download - page 9

Payment Services: In Payment Services, our objective is to be a more fl exible and higher value alternative to
competing networks. Our fi rst priority is to continue with the rapid implementation of our domestic acceptance
strategy and leverage our momentum with the millions of merchants who take Discover cards. We will also
continue to work on international point-of-sale card acceptance between the Discover and Diners Club
International networks. Over the long term, we believe we can achieve signifi cant growth in global volume
across the Discover, PULSE and Diners Club networks by leveraging our fl exibility and multi-brand network
partnerships, and by pursuing emerging payments technologies and other opportunities.
We have chosen to focus on Direct Banking and Payment Services because there is a need among consumers
and businesses. Today’s consumers want a fi nancial institution that not only provides the clear terms and useful
tools that Discover is known for; they also want a brand they can trust, friendly customer service from people
who aren’t halfway around the world, and a range of products and services that simplify personal fi nance and
help them spend smarter, manage debt better and save more. Similarly, merchants and fi nancial institutions
want more than reliable and secure payment services; they also want dynamic solutions to help them grow and
be successful. Overall, Discover is uniquely positioned to provide banking services directly to consumers and
value-added payment services to merchants and fi nancial institutions.
Our efforts to become the leading direct banking and payments company will also result in a more robust
mix of businesses for Discover. For the foreseeable future, our Discover card business will continue to account
for a signifi cant majority of Discover’s operations, but over time, we will become a broader, more diversifi ed
company. It’s the right strategy for serving our customers, and it’s the right strategy for Discover’s future.
Thank You
As I look back on 2009 and ahead to the rest of 2010, I want to thank Discover customers, employees,
shareholders and Board members for their continued support. I also want to extend a special thank you to the
communities where our employees live and work. As a show of our appreciation, Discover and our employees
donated millions of dollars and more than 45,000 hours of volunteer time in 2009 to charitable organizations
across the country. It is our way of saying “thank you,” and we look forward to continuing to be a vital part of
our communities and our economy.
Finally, as I write this letter, relief efforts continue following the January 12, 2010, earthquake in Haiti. The
ensuing human tragedy has touched all of us, and Discover customers and employees have responded with an
outpouring of sympathy and fi nancial assistance. Between cardmembers who donated their Cashback Bonus,
employee donations and Discover’s matching contributions, nearly $4 million has been donated to the Red
Cross to help the people of Haiti. I am very proud to be associated with customers and employees who care
so much for their fellow human beings.
David Nelms
Chairman and Chief Executive Offi cer
February 8, 2010