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SWITZERLAND. Global Blue has acquired Australian company Currency Select from Travelex.
Currency Select enables partners in 21 countries to perform dynamic currency conversion (DCC) and multi-currency processing (MCP) transactions through ATMs, POS payment terminals and e-commerce channels. The company’s team of 50 payments specialists will also enhance Global Blue’s offering.
Global Blue said the acquisition will see it enlarge its geographic footprint in Asia Pacific and the Middle East, expanding into eight additional markets including New Zealand, Indonesia, India and the United Arab Emirates.
In Australia, Currency Select has provided DCC enabled merchant acquiring services since 2004. The company operates a direct-to-merchant acquiring business and holds an acquirer licence for UnionPay, which allows Australian businesses to capitalise on high Chinese spending with its single terminal payment system, it said.
Currency Select’s end-to-end platform works directly with international card schemes, including Visa, MasterCard and UnionPay, to provide authorisation, clearing and settlement services to partners across a wide range of sectors.
Global Blue Chief Executive Officer Jacques Stern said: “This acquisition greatly enhances Global Blue’s leadership position within the currency processing sector, both in Australia and around the world. Currency Select’s products complement our own offering extremely well and the integration of our two organisations will allow us to offer a compelling service to our global partners.”
Currency Select Managing Director Damian Cecchi commented: “We look forward to continuing our journey under the ownership of Global Blue, leveraging our achievements, capabilities and expertise to continue to innovate in the DCC and MCP payments space. Global Blue’s resources, relationships and focus on international commerce will turbo-charge our ability to innovate our offering, serve more customers and extend our global reach.”
