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Visa ends dynamic currency conversion moratorium - Planet Payment

12 October 2010  |  4207 views  |  0 Source: Planet Payment

Planet Payment, Inc., a leading international multi-currency payment and data processor, reports that Visa, Inc. has announced an end to its moratorium on Dynamic Currency Conversion ("DCC") with immediate effect.

"We believe that this positive development will facilitate our sales and marketing efforts and entry into new markets," commented Philip Beck, Chairman of Planet Payment, Inc. "Planet Payment's services help acquirers open new sales channels, merchants sell more goods and services and cardholders enjoy informed choice and transparency at the point-of-sale. We look forward to continuing the growth of our business and revenues."

As a result of this announcement, Planet Payment's acquirer customers are able to activate new accounts and new merchant locations for DCC on both Visa and MasterCard in all regions.

As discussed in previous Company announcements, in April 2010 Visa issued new rules which limited the addition of new DCC participants. The new rules also included additional receipt disclosure requirements, as well as new registration and certification programs. Visa yesterday ended the restriction on the offering of DCC by new merchants and acquirers.

Visa also announced the immediate lifting of its long standing restriction on DCC in Central and Eastern Europe, Middle East and Africa (CEMEA). In Latin America, acquirers and merchants will be able to offer the service effective 15 April 2011.

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