Monday, October 16, 2017
Jacksonville, Fla.-based National ATM Council Inc. is urging Visa Inc. to enable dynamic currency conversion (DCC) at U.S. ATMs. The not-for-profit association unveiled a petition Oct. 12, 2017, at NAC2017, its fifth annual convention and expo, held Oct. 10-12, at Bally's Las Vegas. NAC Executive Director Bruce Renard said he is hopeful the petition will escalate the issue and convince Visa to add DCC capability to ATMs in the United States.
"NAC members are questioning why Visa is not supporting DCC at U.S. ATMs, when Mastercard has enabled this feature for years," Renard stated. "This industrywide petition is broadly supported by global providers."
NAC hosted a panel discussion Oct. 12, with payments industry leaders who shared insights on how to successfully deploy DCC at retail ATMs. Panelists included executives from Euronet Worldwide Inc., Planet Payment Inc. and Monex Financial Services Ltd.
"When you turn on these currencies at the ATM, you provide choice, transparency and convenience," said David Bishop, Regional Sales Director, North America for Euronet.
"Consumers who have the opportunity to pay in their own currency can make a more confident decision because they know exactly what they will pay," noted Melissa Jones, Senior Vice President, North America Sales and Acquirer Relationships at Planet Payment. "This positive experience will make consumers want to come back to that machine."
"Locking in real-time exchange rates provides certainty, transparency, easy budgeting and simplifies expense reporting for business travelers," added Greg Kane, Commercial Director for Monex Financial Services. "DCC creates new revenue lines, can be implemented with minimal effort and has no financial downside."
DCC plays a crucial role in the increasingly global payments ecosystem, by offering consumers convenience and transparency and creating incremental revenue streams for ATM owners and deployers, NAC representatives noted. The current widespread usage of DCC by Mastercard cardholders at ATMs throughout the United States highlights the need for Visa to make this service available at U.S. ATMs.
NAC is encouraging retail ATM owners, operators and suppliers to sign the petition, which asks Visa to initiate and support DCC at ATMs throughout the U.S.
"The U.S. ATM industry and the millions of consumers we serve daily across America will greatly benefit from VISA making DCC available at ATMs in America on an expedited basis, and we appreciate VISA's prompt and positive consideration of this important and sensitive industry request," reads the petition's opening statement.
A full copy of the petition is available at: www.ipetitions.com/petition/industry-petition-for-visa-to-support-dynamic?utm_medium=widget&utm_source=widget&utm_campaign=button
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