Thursday 21 June 2018

New currency conversion service at Dubai airport

Dubai, December 9, 2010

Fexco Merchant Services has launched Dynamic Currency Conversion (DCC) services for all 350 points of sale operated by Dubai Duty Free at Dubai International Airport.

Delivered in partnership between Network International, the first acquirer to market DCC in the Middle East, and Fexco, the DCC service enables international shoppers visiting Dubai Duty Free to pay for their credit card purchases in their home currency. The service is initially available to MasterCard cardholders with services commencing for VISA cardholders in early 2011.

DCC enables merchants to provide international MasterCard cardholders with the ability to view the sale amount in both the merchant’s local currency and the cardholder's home currency, and then allows the cardholder to choose their preferred currency by which to pay. These customers benefit from knowing exactly how much they are spending at the point of sale.

The DCC exchange rate remains very competitive while the service is mutually beneficial to the cardholder, merchant, acquiring bank, and DCC provider, a statement said.

“After 27 years in operation and now as the world’s largest single airport duty free operation, I think it is appropriate for Dubai Duty Free to continue to identify and launch new initiatives such as DCC,” stated Colm McLoughlin, managing director of Dubai Duty Free.

“Earlier this year we extended our commitment to the region when Fexco opened an office in Dubai which is headed by John Kiely to provide on-the-ground support to our partners in the region,” added Dermot O’Shea, managing director Fexco Merchant Services.-TradeArabia News Service

Tags: banking | finance | Dubai airport | Fexco | currency conversion | credit card transactions |

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