US payment processor Vantiv and Planet Payment, a multi-currency
provider, have launched Pay in Your Currency, a Dynamic Currency
Conversion (DDC) service for ATMs.
The deal struck by the companies allows international
cardholders to check the final amount of a cash withdrawal in their
home currency at the time of the transaction.
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The move seeks to implement the service in the US where Vantiv
and Planet Payment already offer multi-currency solutions to
merchants since 2003.
“Together, we deliver Pay in Your Currency through retailers and
restaurants at their point of sale so it was a natural extension
for Vantiv to offer this convenience to their EFT processing
partners”, said Planet Payment’s CEO Philip Beck.
Pay In Your Currency gives international cardholders the option
to instantly convert into their home currency cash withdrawals from
US ATMs.
The companies assure the amount in local currency showed on the
ATM screen is the amount that effectively will be reflected in
cardholders’ bank statements back home.
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By GlobalDataPay In Your Currency targets tourists seeking clarity when on
holiday and professionals looking to better manage corporate
expense accounting.
The companies have announced the deployment of over 5,000 Vantiv
ATM locations in the next two months.
