Barclaycard Merchant Services is to offer retailers the opportunity to charge for goods and services at the point-of-sale in the consumer's currency of choice.
Barclaycard is the first UK acquirer to offer the service, which has been developed by First Currency Choice - a joint venture between tax refund operator Global Refund and Fexco. The FCC dynamic currency conversion service enables credit card shoppers to pay for goods in their home currency at the point-of-sale, with the price they pay guaranteed as the price that will appear on their eventual credit card bill.
Barclaycard Merchant Services handles in-store card transaction processing for 131,000 retail outlets. Retailers taking up the system can offer customers a guaranteed currency conversion rate at the check-out, with the service operating seamlessly to the retailer and the customer.
Tony Slater, commercial director at Barclaycard Merchant Services, says: "FCC is revolutionising the currency exchange experience for both retailers and shoppers and we are delighted to be the first acquirer to facilitate the service at the point-of-sale."
FCC managing director, Asad Jumabhoy, says the system has been in trial in a number of large and small retail outlets in the UK and has so far enjoyed test-site acceptance rates of up to 85%.