Consumers and U.S. ATM Industry Petition VISA to Lift Ban on Dynamic Currency Conversion Services
Feb 23, 2018, 12:44 ET
JACKSONVILLE, Fla., Feb. 23, 2018 /PRNewswire/ -- A public petition on behalf of consumers and the U.S. ATM industry (the "Petition"), has been formally submitted to VISA by The National ATM Council, Inc. ("NAC"), seeking elimination of current network rules prohibiting Dynamic Currency Conversion ("DCC") services for international VISA cardholders using ATMs in the U.S.
Along with a final tally of the many hundreds of ATM consumers and company representatives signing onto the Petition, NAC has provided VISA with strong supporting data showing how well accepted DCC services are today for Mastercard transactions at U.S. ATMs (Mastercard presently allows DCC), and for VISA card transactions in other countries where VISA allows DCC today. The information provided to VISA also demonstrates the presence of solid 'repeat' business for DCC services on the part of consumers, with a significant percentage of cardholders using DCC services repeatedly where DCC is permitted.
"DCC services provide the transparency and real-time information needed by consumers from abroad to better understand their cash withdrawals from U.S. ATMs in terms of the cardholder's home currency," said Bruce Renard, Executive Director for NAC. "Importantly, with DCC, the cardholder is given this consumer-friendly information, along with an opportunity to opt out of the transaction once the currency conversion information has been provided."
The public Petition seeking VISA's authorization for DCC services at U.S. ATMs has received the endorsement of large numbers of consumers of DCC services here in the U.S. and abroad, as well as the support of many hundreds of companies, collectively representing many thousands of individuals and a significant portion of America's ATM industry.
"We believe the information presented to VISA makes a compelling case for the company to modify its network rules and allow provision of DCC services for international VISA cardholders using ATMs in the U.S.," said NAC Chair and Access One CEO George Sarantopoulos. "There is no good reason to withhold these services any longer, from either a consumer or industry perspective, and we are hopeful that VISA will embrace this request and grant our petition on an expedited basis."
The Petition asks VISA to authorize the provision of DCC services on VISA transactions at U.S. ATMs, effective April 1, 2018.
For more information or a copy of the NAC sponsored DCC Petition to VISA for ATMs in the United States, please contact NAC at (904) 683-6533 or [email protected].
PRLog ID: www.prlog.org/12693777
SOURCE The National ATM Council, Inc.