TPS will initially be available in Ireland and the UK before roll out to the broader European network. It is available on a single point-of-sale terminal in addition to card payment processing services currently provided by euroConex. The terminal will also provide tax-free form printing for non-credit card payments.

"This is a truly first class service for retailers, providing them with two additional income streams from one card payment processing devise," said Tom Boyer, Head of Business Development, euroConex. "TPS enables retailers to provide a convenient 3-in-1 service to their foreign customers. Tourist and travellers have in one single step the convenience of paying by credit card, instant conversion of the transaction amount to their own currency and automatic printing of their tax-free form - reducing the time spent at the point-of-sale," said Boyer.

"Tourist Payment Services gives Euro Refund a real competitive advantage and secures us as the number one tax free technology provider across the UK, Ireland and Europe," said Jónas Hagan, Managing Director, Euro Refund. "Our strategy remains geared towards offering better and faster access to the latest solutions ahead of the competition."

Benefits to Retailers:

• New revenue from converting credit card transactions
• Automatic recognition of tax-free eligible tourists results in increased revenue
• No more manual entry of tax-free forms

Benefits to Tourists/Travellers:

• Faster transaction speeds for tax-free
• Customer can pay in their own currency
• Customer is always offered tax free shopping

"We recognise the importance of providing combined, convenient value-add services to our customers," said Roger Alexander, Chief Executive Officer, euroConex "The Euro Refund partnership enhances euroConex's extensive portfolio of payment and value added solutions, increasing our competitiveness in this rapidly changing market."