Desjardins Group, a Canada-based cooperative financial group, has signed a deal with MasterCard to offer MasterCard credit cards to its customers.
With this deal, MasterCard has become the only payment network offered by all major financial institutions in Canada.
Desjardin will unveil Desjardins Cash Back MasterCard card and Desjardins Cash Back World MasterCard in Quebec and Ontario.
The Desjardins Cash Back MasterCard card will be have no annual fee, while the Desjardins Cash Back World MasterCard card will cost an annual fee of $50.
The cards will also offer many other features, including a three-day Travel Insurance and Mobile Device Insurance.
Desjardins Card and Payment Services director Caroline Lavalle said: "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."
Commenting on the partnership, MasterCard Canada president Brian Lang said: "This partnership is significant because it brings together two iconic brands with a shared vision of offering Canadians unparalleled acceptance, safety, convenience, and choice."