UAE/IRELAND. Dubai Duty Free and FEXCO Merchant Services today announced the launch of Dynamic Currency Conversion (DCC) services for all 350 points of sale operated by the duty free retailer 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.
Dynamic Currency Conversion (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.
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Pictured at the launch of Dynamic Currency Conversion at Dubai Duty Free in Dubai International Airport are (from left to right): Dermot O’Shea, Managing Director of FEXCO Merchant Services; Dick Spring, Director of FEXCO Merchant Services and former Deputy Prime Minister of Ireland; Dubai Duty Free Managing Director, Colm McLoughlin; and Abdulla Qassem, Group Chief Operating Officer of Emirates NBD |
The DCC exchange rate remains very competitive while the service is mutually beneficial to the cardholder, merchant, acquiring bank, and DCC provider.
Speaking at today’s launch, Dubai Duty Free Managing Director Colm McLoughlin commented: “We are thrilled to be the first merchant in the Gulf Cooperation Council region to offer a fully integrated DCC service to our customers. DCC is new to the region and the support from Network International and FEXCO has been superb, and our customers really appreciate the service.
“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”.
Also attending the launch in the Emirates Terminal 3 at Dubai International Airport was Ram Chari, CEO of Network International. He said: “Dynamic Currency Conversion as a value-added service to our merchants and their customers is typical of the type of new and innovative services we are looking to offer in the acquirer/merchant space in the Middle East.
“It was important for us to partner with a global leader like FEXCO to bring in their expertise and a fully managed service model so that we could make DCC available to our merchants operating 24 hours a day, seven days a week. I look forward to continuing merchant rollouts throughout 2011 in the region”.
FEXCO Merchant Services Managing Director Dermot O’Shea said: “For FEXCO, this is another significant step in expanding our global reach and unlocking new value for acquirers and their merchants. 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.”
Dick Spring, Director of FEXCO and former Deputy Prime Minister of Ireland, speaking at the launch, remarked: “Seeing our DCC service in operation with Dubai Duty Free and Network International fulfils a long-held ambition to launch services in the UAE, and this single deployment makes our service available to more than 40 million customers annually.
“Our investment in strategic partnerships in the UAE reaffirms our sincere belief that Dubai has a tremendous future as a global centre for tourism and travel.”
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Senior officials from Dubai Duty Free, FEXCO Merchant Services and Network International at the launch of Dynamic Currency Conversion at Dubai Duty Free in Dubai International Airport Emirates Terminal 3 today |
About FEXCO Merchant Services
With over 170 employees in Europe, Middle East, the US, South America, China, Asia and Australia, FEXCO Merchant Services is a global leader in the provision of Dynamic Currency Conversion (DCC), credit card transactions processing, multi-currency pricing, global treasury solutions, gift and pre-paid spending solutions, bureau de change, and consumer tax solutions.
FEXCO Merchant Services currently provides its solutions to over 30,000 merchants globally in conjunction with over 27 acquiring banks. FEXCO Merchant Services processes over US$10 billion in DCC transactions annually. FEXCO Merchant Services is part of FEXCO Group.
About Dubai Duty Free
Dubai Duty Free opened for business at Dubai International Airport in December, 1983 and from that time has grown to be the single largest airport retailer in the world in terms of turnover, which in 2010 is expected to reach US$1.25 billion. Employing over 4,000 staff, the operation is headed by Managing Director and Irishman, Colm McLoughlin. Operating a retail area of some 15,000sq m, Dubai Duty Free is a 24 hour, 7 day a week business.
The retail operation is committed to promoting the city of Dubai through a series of high-level sponsorships and marketing activities, including world-famous promotions, such as the Finest Surprise Luxury Car Draw and the Millennium Millionaire Draw.
About Network International
Established in 1994, Network International LLC is the largest acquirer and one of the leading payment solutions providers in the region geared to meet the needs of banks, financial institutions and large and individual retailers.
It is a Principal Member of Visa International and MasterCard International for the UAE offering customers a comprehensive range of payment products and services in the Gulf and MENA region for both the Issuing and Acquiring segment of the card payment industry. Offerings include credit and debit card processing services, ATM management and monitoring, merchant acquiring plus consumer finance applications. Network International provides consultancy services ranging from planning and designing, to developing of new card and consumer finance products and services.
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